Bank of New York Mellon Corp Takes Position in Washington Trust Bancorp, Inc. $WASH

Key Points

• Bank of New York Mellon acquired 149,824 shares of Washington Trust Bancorp, worth approximately $5.5 million, giving it a 0.79% stake. Institutional investors and hedge funds collectively own 65.81% of the company.
• Washington Trust Bancorp reported quarterly EPS of $0.83, exceeding the $0.77 consensus estimate, while revenue of $60.47 million also topped expectations. The company maintains a quarterly dividend of $0.56 per share, equivalent to a 5.6% annualized yield.
• Shares recently traded at $40.26, near their 52-week high, despite analysts assigning an overall “Hold” rating and an average price target of $35.50.

Bank of New York Mellon Corp purchased a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 149,824 shares of the financial services provider's stock, valued at approximately $5,466,000. Bank of New York Mellon Corp owned 0.79% of Washington Trust Bancorp as of its most recent SEC filing.

Several other large investors have also modified their holdings of WASH. EverSource Wealth Advisors LLC boosted its stake in Washington Trust Bancorp by 114.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after purchasing an additional 542 shares during the period. Federated Hermes Inc. increased its stake in Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 420 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Washington Trust Bancorp by 200.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock valued at $67,000 after buying an additional 1,578 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Washington Trust Bancorp by 367.2% in the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock valued at $69,000 after buying an additional 1,869 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of Washington Trust Bancorp during the first quarter worth about $70,000. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Stock Up 1.3%

Washington Trust Bancorp stock opened at $40.26 on Friday. Washington Trust Bancorp, Inc. has a fifty-two week low of $25.23 and a fifty-two week high of $40.54. The firm has a market capitalization of $767.76 million, a price-to-earnings ratio of 13.98, a price-to-earnings-growth ratio of 0.91 and a beta of 0.70. The stock's fifty day moving average is $38.29 and its two-hundred day moving average is $35.16. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.97 and a current ratio of 0.97.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%.The business had revenue of $60.47 million during the quarter, compared to the consensus estimate of $59.91 million. Analysts predict that Washington Trust Bancorp, Inc. will post 3.2 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were given a dividend of $0.56 per share. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a yield of 5.6%. Washington Trust Bancorp's payout ratio is presently 77.78%.

Analyst Ratings Changes

Several analysts have commented on WASH shares. Piper Sandler upped their price objective on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Seaport Research Partners cut Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Zacks Research upgraded shares of Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Washington Trust Bancorp in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Washington Trust Bancorp currently has an average rating of "Hold" and an average target price of $35.50.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company's core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.

Want to see what other hedge funds are holding WASH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source