ProShare Advisors LLC Has $6.77 Million Stock Position in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

ProShare Advisors LLC lowered its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 52.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 215,907 shares of the financial services provider's stock after selling 234,339 shares during the period. ProShare Advisors LLC owned approximately 1.12% of Washington Trust Bancorp worth $6,769,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of WASH. The Manufacturers Life Insurance Company increased its position in shares of Washington Trust Bancorp by 6,117.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock worth $12,658,000 after purchasing an additional 397,255 shares during the period. Millennium Management LLC increased its position in shares of Washington Trust Bancorp by 3,240.0% in the fourth quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock worth $7,096,000 after purchasing an additional 219,578 shares during the period. Franklin Resources Inc. bought a new position in Washington Trust Bancorp in the fourth quarter valued at about $6,824,000. Wellington Management Group LLP bought a new position in Washington Trust Bancorp in the fourth quarter valued at about $4,853,000. Finally, Soros Fund Management LLC bought a new position in Washington Trust Bancorp in the fourth quarter valued at about $4,232,000. Institutional investors own 65.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on WASH shares. Keefe, Bruyette & Woods decreased 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. Seaport Res Ptn upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 14th. Finally, Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, January 31st.

Washington Trust Bancorp Trading Down 0.8%

Shares of WASH stock traded down $0.23 during mid-day trading on Friday, reaching $27.75. 173,584 shares of the stock traded hands, compared to its average volume of 149,420. The stock's fifty day simple moving average is $28.53 and its two-hundred day simple moving average is $31.67. Washington Trust Bancorp, Inc. has a 1-year low of $24.70 and a 1-year high of $40.59. The company has a market cap of $535.33 million, a price-to-earnings ratio of -17.90 and a beta of 0.89. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The financial services provider reported $0.61 EPS for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $53.16 million. On average, research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 8.07%. The ex-dividend date of this dividend was Tuesday, April 1st. Washington Trust Bancorp's payout ratio is -143.59%.

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.