Invesco Ltd. Buys 83,311 Shares of Washington Trust Bancorp, Inc. $WASH

Key Points

• Invesco Ltd. increased its stake in Washington Trust Bancorp by 39.3% in the first quarter, now owning 1.53% of the company valued at approximately $9.1 million.
• Washington Trust Bancorp reported a quarterly earnings per share (EPS) of $0.68, surpassing the consensus estimate of $0.63.
• The company declared a quarterly dividend of $0.56, resulting in an annualized dividend of $2.24 and a yield of 7.5%.

Invesco Ltd. boosted its position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 39.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 295,462 shares of the financial services provider's stock after acquiring an additional 83,311 shares during the period. Invesco Ltd. owned 1.53% of Washington Trust Bancorp worth $9,118,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in WASH. Federated Hermes Inc. acquired a new position in shares of Washington Trust Bancorp during the first quarter valued at about $53,000. State of Tennessee Department of Treasury acquired a new position in shares of Washington Trust Bancorp during the fourth quarter valued at about $131,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Washington Trust Bancorp by 38.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,364 shares of the financial services provider's stock valued at $196,000 after buying an additional 1,757 shares during the last quarter. Sanders Morris Harris LLC acquired a new position in shares of Washington Trust Bancorp during the first quarter valued at about $216,000. Finally, Aquatic Capital Management LLC acquired a new position in shares of Washington Trust Bancorp during the fourth quarter valued at about $229,000. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Price Performance

NASDAQ WASH traded up $0.03 on Friday, reaching $30.33. The company's stock had a trading volume of 75,867 shares, compared to its average volume of 131,761. The firm has a market cap of $581.12 million, a PE ratio of -20.09, a price-to-earnings-growth ratio of 0.86 and a beta of 0.91. The business has a 50-day moving average price of $28.52 and a 200 day moving average price of $28.84. Washington Trust Bancorp, Inc. has a 52 week low of $24.95 and a 52 week high of $40.59. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.05. The business had revenue of $54.26 million for the quarter, compared to analysts' expectations of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. During the same quarter in the previous year, the firm posted $0.63 earnings per share. Sell-side analysts expect that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio is currently -148.34%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on WASH. Bank of America began coverage on shares of Washington Trust Bancorp in a research report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price objective for the company. Piper Sandler lowered shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective for the company. in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Washington Trust Bancorp presently has an average rating of "Hold" and an average price target of $29.00.

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.