Washington Trust Bancorp, Inc. (NASDAQ:WASH) Stock Position Boosted by Inspire Advisors LLC

Key Points

• Inspire Advisors LLC increased its stake in Washington Trust Bancorp by 41.0%, owning approximately 0.44% of the company, now valued at $2,641,000.
• Washington Trust Bancorp reported $0.68 earnings per share (EPS) for the last quarter, surpassing analysts' expectations of $0.63 EPS.
• The company declared a quarterly dividend of $0.56 per share, translating to an annualized amount of $2.24 with a yield of 8.13%.

Inspire Advisors LLC grew its holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 41.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 85,574 shares of the financial services provider's stock after acquiring an additional 24,880 shares during the period. Inspire Advisors LLC owned about 0.44% of Washington Trust Bancorp worth $2,641,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in WASH. Raymond James Financial Inc. purchased a new stake in shares of Washington Trust Bancorp during the fourth quarter worth about $2,192,000. Swiss National Bank boosted its stake in shares of Washington Trust Bancorp by 11.0% during the 4th quarter. Swiss National Bank now owns 37,300 shares of the financial services provider's stock valued at $1,169,000 after buying an additional 3,700 shares during the last quarter. Teacher Retirement System of Texas acquired a new stake in shares of Washington Trust Bancorp during the fourth quarter worth approximately $676,000. American Century Companies Inc. increased its stake in shares of Washington Trust Bancorp by 1.2% in the fourth quarter. American Century Companies Inc. now owns 325,169 shares of the financial services provider's stock worth $10,194,000 after buying an additional 3,697 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Washington Trust Bancorp during the 4th quarter valued at $97,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on WASH shares. Keefe, Bruyette & Woods reduced their price target 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. 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 note on Tuesday, July 22nd. Finally, Bank of America assumed coverage on Washington Trust Bancorp in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $29.00.

Washington Trust Bancorp Stock Performance

WASH traded up $0.17 on Monday, hitting $27.73. 175,406 shares of the company's stock were exchanged, compared to its average volume of 151,039. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.67. The stock has a fifty day moving average of $28.24 and a two-hundred day moving average of $29.54. Washington Trust Bancorp, Inc. has a twelve month low of $24.95 and a twelve month high of $40.59. The firm has a market cap of $534.91 million, a PE ratio of 10.94, a P/E/G ratio of 0.95 and a beta of 0.90.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings data 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. 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 9.14% and a negative net margin of 6.10%. During the same period in the prior year, the business earned $0.63 EPS. On average, research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were given a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.24 annualized dividend and a yield of 8.08%. Washington Trust Bancorp's dividend payout ratio is presently -148.34%.

Washington Trust Bancorp 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.