BlackRock Inc. Invests $81.56 Million in Washington Trust Bancorp, Inc. $WASH

BlackRock Inc. acquired a new stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,235,699 shares of the financial services provider's stock, valued at approximately $81,558,000. BlackRock Inc. owned about 11.72% of Washington Trust Bancorp as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 542 shares during the last quarter. Federated Hermes Inc. boosted its stake in Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after buying an additional 420 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Washington Trust Bancorp by 200.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock worth $67,000 after buying an additional 1,578 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Washington Trust Bancorp by 367.2% in the 3rd 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 period. Finally, State of Wyoming acquired a new position in shares of Washington Trust Bancorp during the 1st quarter valued at about $70,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WASH. Weiss Ratings upgraded shares of Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, June 5th. Zacks Research raised shares of Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 23rd. Wall Street Zen raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Piper Sandler increased their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Finally, Seaport Research Partners cut shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 22nd. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Washington Trust Bancorp has an average rating of "Hold" and a consensus target price of $35.50.

Washington Trust Bancorp Price Performance

Shares of NASDAQ:WASH opened at $39.47 on Monday. The company has a market capitalization of $752.69 million, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 0.90 and a beta of 0.72. The company has a 50 day moving average of $37.95 and a two-hundred day moving average of $35.03. Washington Trust Bancorp, Inc. has a 52-week low of $25.23 and a 52-week high of $40.50. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86.

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 net margin of 14.50% and a return on equity of 10.18%. The firm had revenue of $60.47 million for the quarter, compared to the consensus estimate of $59.91 million. As a group, analysts forecast that Washington Trust Bancorp, Inc. will post 3.2 earnings per share 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. Stockholders of record on Wednesday, July 1st were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp's dividend payout ratio is 77.78%.

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.

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