Empowered Funds LLC Makes New Investment in Washington Trust Bancorp, Inc. $WASH

Key Points

• Empowered Funds LLC acquired 83,331 shares of Washington Trust Bancorp valued at approximately $2.99 million, while several other major institutions also initiated positions. Institutional investors and hedge funds now own 65.81% of the company.
• Analyst sentiment is mostly neutral: Washington Trust Bancorp has an average “Hold” rating and a consensus price target of $35.50, below its reported share price of $39.46.
• The bank exceeded quarterly earnings expectations, reporting $0.83 in EPS versus a $0.77 consensus estimate, and maintains a quarterly dividend of $0.56 per share, representing a 5.7% annualized yield.

Empowered Funds LLC purchased a new position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 83,331 shares of the financial services provider's stock, valued at approximately $2,993,000. Empowered Funds LLC owned approximately 0.44% of Washington Trust Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of WASH. Bank of America Corp DE bought a new stake in shares of Washington Trust Bancorp during the second quarter valued at about $4,312,000. Basswood Capital Management L.L.C. acquired a new position in Washington Trust Bancorp during the 2nd quarter valued at about $6,712,000. Jupiter Topco LLC acquired a new position in Washington Trust Bancorp during the 2nd quarter valued at about $276,000. Legal & General Group Plc bought a new stake in shares of Washington Trust Bancorp during the 2nd quarter worth about $507,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Washington Trust Bancorp during the 2nd quarter worth about $10,556,000. 65.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on WASH shares. Seaport Research Partners cut shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a report on Wednesday, July 22nd. Weiss Ratings upgraded Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, June 5th. Keefe, Bruyette & Woods lifted their price target on Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Wall Street Zen raised Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Piper Sandler boosted their price objective on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Washington Trust Bancorp currently has an average rating of "Hold" and a consensus price target of $35.50.

Washington Trust Bancorp Stock Performance

Shares of WASH opened at $39.46 on Thursday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.97. The firm's 50 day moving average is $38.16 and its 200-day moving average is $35.10. Washington Trust Bancorp, Inc. has a 12-month low of $25.23 and a 12-month high of $40.50. The stock has a market capitalization of $752.50 million, a P/E ratio of 13.70, a P/E/G ratio of 0.88 and a beta of 0.70.

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

Washington Trust Bancorp Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $2.24 annualized dividend and a dividend yield of 5.7%. Washington Trust Bancorp's dividend payout ratio (DPR) is currently 77.78%.

Washington Trust Bancorp 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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