Washington Trust Bancorp, Inc. (NASDAQ:WASH) Shares Sold by Focus Partners Wealth

Focus Partners Wealth cut its position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 69.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,751 shares of the financial services provider's stock after selling 17,967 shares during the period. Focus Partners Wealth's holdings in Washington Trust Bancorp were worth $243,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Washington Trust Bancorp by 10.6% in the fourth quarter. Vanguard Group Inc. now owns 1,033,333 shares of the financial services provider's stock worth $32,395,000 after acquiring an additional 98,802 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Washington Trust Bancorp by 6.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 932,056 shares of the financial services provider's stock valued at $29,220,000 after purchasing an additional 58,176 shares in the last quarter. Geode Capital Management LLC raised its holdings in Washington Trust Bancorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 414,527 shares of the financial services provider's stock worth $12,999,000 after purchasing an additional 2,181 shares during the period. The Manufacturers Life Insurance Company boosted its position in Washington Trust Bancorp by 6,117.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock worth $12,658,000 after purchasing an additional 397,255 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Washington Trust Bancorp by 1.2% during the fourth quarter. American Century Companies Inc. now owns 325,169 shares of the financial services provider's stock worth $10,194,000 after purchasing an additional 3,697 shares in the last quarter. 65.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on WASH. Bank of America initiated coverage on Washington Trust Bancorp in a research report on Wednesday. They issued a "neutral" rating and a $28.00 price objective for the company. Wall Street Zen upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, January 31st. Seaport Res Ptn raised shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, March 14th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 22nd. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $31.00.

Washington Trust Bancorp Price Performance

Shares of NASDAQ:WASH traded down $0.82 during midday trading on Wednesday, hitting $27.67. The company's stock had a trading volume of 11,829 shares, compared to its average volume of 148,660. The business's 50 day simple moving average is $28.39 and its 200 day simple moving average is $31.53. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $533.80 million, a P/E ratio of -17.96 and a beta of 0.89. Washington Trust Bancorp, Inc. has a 12-month low of $24.70 and a 12-month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.01). The business had revenue of $59.07 million during the quarter, compared to analysts' expectations of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. On average, analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 8.10%. The ex-dividend date of this dividend was Tuesday, April 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is currently -143.59%.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.