Invesco Ltd. Grows Stake in 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. increased its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 39.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,462 shares of the financial services provider's stock after buying 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 reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in WASH. Federated Hermes Inc. bought a new position in shares of Washington Trust Bancorp in the 1st quarter worth approximately $53,000. State of Tennessee Department of Treasury bought a new position in Washington Trust Bancorp in the fourth quarter worth $131,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in 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 period. Sanders Morris Harris LLC purchased a new position in Washington Trust Bancorp during the first quarter valued at $216,000. Finally, Aquatic Capital Management LLC bought a new stake in shares of Washington Trust Bancorp during the 4th quarter valued at $229,000. Hedge funds and other institutional investors own 65.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on WASH shares. Bank of America initiated 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 target for the company. Piper Sandler lowered shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 target price for the company. in a report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $29.00.

Washington Trust Bancorp Stock Up 2.3%

Shares of Washington Trust Bancorp stock traded up $0.69 on Wednesday, reaching $30.54. The company's stock had a trading volume of 190,918 shares, compared to its average volume of 132,903. Washington Trust Bancorp, Inc. has a 52 week low of $24.95 and a 52 week high of $40.59. The firm's fifty day simple moving average is $28.38 and its two-hundred day simple moving average is $28.90. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94. The company has a market capitalization of $585.15 million, a price-to-earnings ratio of -20.23, a P/E/G ratio of 0.85 and a beta of 0.91.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released 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. 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 last year, the firm posted $0.63 earnings per share. Equities analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders 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 7.3%. Washington Trust Bancorp's payout ratio is currently -148.34%.

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.