Northern Trust Corp raised its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 8.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 174,017 shares of the financial services provider's stock after purchasing an additional 14,142 shares during the quarter. Northern Trust Corp owned about 0.90% of Washington Trust Bancorp worth $5,455,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company raised its stake in shares of Washington Trust Bancorp by 6,117.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock valued at $12,658,000 after buying an additional 397,255 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Washington Trust Bancorp in the 4th quarter worth approximately $6,824,000. Wellington Management Group LLP acquired a new stake in shares of Washington Trust Bancorp during the 4th quarter worth approximately $4,853,000. Vanguard Group Inc. grew its stake in shares of Washington Trust Bancorp by 10.6% during the 4th quarter. Vanguard Group Inc. now owns 1,033,333 shares of the financial services provider's stock worth $32,395,000 after purchasing an additional 98,802 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new position in shares of Washington Trust Bancorp during the 4th quarter valued at approximately $2,615,000. Institutional investors and hedge funds own 65.81% of the company's stock.
Analysts Set New Price Targets
A number of brokerages recently issued reports on WASH. Wall Street Zen raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Friday, January 31st. Seaport Res Ptn raised shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 14th. Finally, Keefe, Bruyette & Woods dropped their target price on 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.
Check Out Our Latest Research Report on WASH
Washington Trust Bancorp Price Performance
Shares of NASDAQ WASH traded down $0.23 during midday trading on Monday, hitting $27.75. The stock had a trading volume of 173,584 shares, compared to its average volume of 149,420. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The stock has a 50 day simple moving average of $28.45 and a 200-day simple moving average of $31.55. The company has a market capitalization of $535.33 million, a PE ratio of -17.90 and a beta of 0.89. Washington Trust Bancorp, Inc. has a 1 year low of $24.70 and a 1 year high of $40.59.
Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The financial services provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.01). Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. The firm had revenue of $59.07 million during the quarter, compared to analyst estimates of $53.16 million. On average, sell-side analysts expect that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.
Washington Trust Bancorp Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 8.07%. The ex-dividend date of this dividend was Tuesday, April 1st. Washington Trust Bancorp's dividend payout ratio is currently -143.59%.
About Washington Trust Bancorp
(
Free Report)
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.
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