Ieq Capital LLC Buys New Position 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 acquired a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 23,506 shares of the financial services provider's stock, valued at approximately $725,000. Ieq Capital LLC owned about 0.12% of Washington Trust Bancorp as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Washington Trust Bancorp by 8.3% during the first quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider's stock valued at $34,545,000 after acquiring an additional 86,062 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Washington Trust Bancorp by 6.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 932,056 shares of the financial services provider's stock valued at $29,220,000 after acquiring an additional 58,176 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in Washington Trust Bancorp by 27.4% in 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 in the last quarter. Invesco Ltd. raised its holdings in Washington Trust Bancorp by 39.3% in the first quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider's stock worth $9,118,000 after purchasing an additional 83,311 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Washington Trust Bancorp by 3,240.0% in the fourth quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock worth $7,096,000 after purchasing an additional 219,578 shares in the last quarter. Institutional investors own 65.81% of the company's stock.

Wall Street Analyst Weigh In

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

Washington Trust Bancorp Stock Performance

Shares of NASDAQ:WASH traded down $0.40 during mid-day trading on Monday, reaching $29.59. 6,145 shares of the company traded hands, compared to its average volume of 165,160. The company's 50 day moving average price is $28.75 and its 200-day moving average price is $28.73. The firm has a market cap of $566.94 million, a PE ratio of -19.60, a PEG ratio of 0.85 and a beta of 0.94. 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 52 week low of $24.95 and a 52 week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%.The company had revenue of $54.26 million for the quarter, compared to analysts' expectations of $54.07 million. During the same period in the previous year, the firm earned $0.63 EPS. On average, equities analysts expect that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal 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 given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 7.6%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's payout ratio is currently -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.