Washington Trust Bancorp, Inc. (NASDAQ:WASH) Holdings Raised 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 boosted its position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 41.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,574 shares of the financial services provider's stock after purchasing an additional 24,880 shares during the period. Inspire Advisors LLC owned approximately 0.44% of Washington Trust Bancorp worth $2,641,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Washington Trust Bancorp by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,643 shares of the financial services provider's stock worth $302,000 after purchasing an additional 319 shares during the last quarter. Linden Thomas Advisory Services LLC increased its holdings in shares of Washington Trust Bancorp by 1.1% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 36,775 shares of the financial services provider's stock valued at $1,135,000 after acquiring an additional 401 shares during the last quarter. LPL Financial LLC increased its holdings in shares of Washington Trust Bancorp by 4.2% in the 4th quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock valued at $573,000 after acquiring an additional 738 shares during the last quarter. Shepherd Financial Partners LLC increased its holdings in shares of Washington Trust Bancorp by 8.8% in the 1st quarter. Shepherd Financial Partners LLC now owns 10,167 shares of the financial services provider's stock valued at $314,000 after acquiring an additional 819 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Washington Trust Bancorp by 6.7% in the 4th quarter. Legal & General Group Plc now owns 17,864 shares of the financial services provider's stock valued at $560,000 after acquiring an additional 1,116 shares during the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Price Performance

WASH traded up $0.28 on Wednesday, reaching $27.42. The company had a trading volume of 42,939 shares, compared to its average volume of 171,511. The company has a fifty day moving average of $28.21 and a 200-day moving average of $29.53. The company has a market capitalization of $528.84 million, a P/E ratio of -18.14, a PEG ratio of 0.96 and a beta of 0.90. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.67. Washington Trust Bancorp, Inc. has a one year low of $24.95 and a one year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.05. The firm had revenue of $54.26 million during the quarter, compared to analyst estimates of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.14%. During the same quarter in the prior year, the firm posted $0.63 EPS. As a group, equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.24 annualized dividend and a dividend yield of 8.17%. Washington Trust Bancorp's dividend payout ratio (DPR) is -148.34%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on WASH shares. Piper Sandler cut shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 target price on the stock. in a report on Tuesday, July 22nd. Bank of America began coverage on Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price objective for the company. Finally, Keefe, Bruyette & Woods lowered their price objective on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Washington Trust Bancorp currently has an average rating of "Hold" and an average price target of $29.00.

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.