Washington Trust Bancorp, Inc. (NASDAQ:WASH) Stake Increased by Millennium Management LLC

Millennium Management LLC increased its holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 3,240.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,355 shares of the financial services provider's stock after buying an additional 219,578 shares during the quarter. Millennium Management LLC owned about 1.18% of Washington Trust Bancorp worth $7,096,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in WASH. Hantz Financial Services Inc. boosted its stake in Washington Trust Bancorp by 15,152.6% during the 4th quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider's stock valued at $91,000 after purchasing an additional 2,879 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Washington Trust Bancorp during the 4th quarter valued at $97,000. State of Tennessee Department of Treasury bought a new position in Washington Trust Bancorp during the 4th quarter valued at $131,000. Aquatic Capital Management LLC bought a new position in Washington Trust Bancorp during the 4th quarter valued at $229,000. Finally, Essex Financial Services Inc. boosted its stake in Washington Trust Bancorp by 10.9% during the 4th quarter. Essex Financial Services Inc. now owns 7,366 shares of the financial services provider's stock valued at $231,000 after purchasing an additional 726 shares in the last quarter. 65.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on WASH. Keefe, Bruyette & Woods dropped 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. Seaport Res Ptn upgraded shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 14th. Bank of America began coverage on shares of Washington Trust Bancorp in a research report on Wednesday. They issued a "neutral" rating and a $28.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, January 31st. Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $31.00.

Washington Trust Bancorp Price Performance

Shares of WASH traded down $0.00 during trading hours on Friday, hitting $27.86. 45,354 shares of the company were exchanged, compared to its average volume of 179,128. The company has a market capitalization of $537.43 million, a PE ratio of -17.97 and a beta of 0.89. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a fifty day simple moving average of $28.24 and a 200-day simple moving average of $31.42. Washington Trust Bancorp, Inc. has a one year low of $24.70 and a one year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.01). The company had revenue of $59.07 million for the quarter, compared to the consensus estimate of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. As a group, sell-side analysts predict that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 8.04%. The ex-dividend date was Tuesday, April 1st. Washington Trust Bancorp's dividend payout ratio is presently -143.59%.

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.