Ieq Capital LLC Purchases New Holdings in Washington Trust Bancorp, Inc. $WASH

Key Points

• Ieq Capital LLC acquired a new stake in Washington Trust Bancorp, purchasing 23,506 shares valued at approximately $725,000, representing about 0.12% of the company's stock.
• Washington Trust Bancorp reported quarterly earnings of $0.68 per share, exceeding the consensus estimate of $0.63, with a revenue of $54.26 million.
• The company declared a quarterly dividend of $0.56 per share, yielding 7.4%, despite a negative dividend payout ratio of -148.34%.

Ieq Capital LLC bought a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,506 shares of the financial services provider's stock, valued at approximately $725,000. Ieq Capital LLC owned approximately 0.12% of Washington Trust Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Keeley Teton Advisors LLC lifted its position in shares of Washington Trust Bancorp by 36.4% during the first quarter. Keeley Teton Advisors LLC now owns 12,915 shares of the financial services provider's stock worth $399,000 after purchasing an additional 3,445 shares during the last quarter. Rafferty Asset Management LLC grew its stake in Washington Trust Bancorp by 54.0% in the first quarter. Rafferty Asset Management LLC now owns 29,474 shares of the financial services provider's stock valued at $910,000 after purchasing an additional 10,340 shares during the last quarter. Corebridge Financial Inc. grew its stake in shares of Washington Trust Bancorp by 11.4% during the first quarter. Corebridge Financial Inc. now owns 9,380 shares of the financial services provider's stock worth $289,000 after acquiring an additional 960 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Washington Trust Bancorp by 16.7% during the first quarter. MetLife Investment Management LLC now owns 11,170 shares of the financial services provider's stock worth $345,000 after acquiring an additional 1,597 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Washington Trust Bancorp by 27.4% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 386,110 shares of the financial services provider's stock worth $11,915,000 after purchasing an additional 82,960 shares during the period. 65.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Bank of America assumed coverage on Washington Trust Bancorp in a report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 target price for the company. Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price target for the company. in a report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $29.00.

Washington Trust Bancorp Price Performance

NASDAQ WASH traded down $0.45 on Friday, hitting $29.99. The company had a trading volume of 181,624 shares, compared to its average volume of 114,044. The company has a market capitalization of $574.61 million, a PE ratio of -19.86, a PEG ratio of 0.85 and a beta of 0.94. The company's fifty day moving average price is $28.75 and its 200-day moving average price is $28.75. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.05 and a quick ratio of 1.04. Washington Trust Bancorp, Inc. has a 12-month low of $24.95 and a 12-month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.63 by $0.05. The firm had revenue of $54.26 million during the quarter, compared to the consensus estimate of $54.07 million. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%.During the same period in the prior year, the company earned $0.63 EPS. As a group, analysts predict that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were paid a $0.56 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.5%. Washington Trust Bancorp's payout ratio is -148.34%.

Washington Trust Bancorp Company Profile

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.