Rafferty Asset Management LLC Acquires 10,340 Shares of Washington Trust Bancorp, Inc. $WASH

Key Points

• Rafferty Asset Management LLC increased its stake in Washington Trust Bancorp by 54% in the first quarter, acquiring an additional 10,340 shares, totaling approximately $910,000.
• Washington Trust Bancorp reported earnings of $0.68 per share for the latest quarter, surpassing analysts' estimates, with a revenue of $54.26 million.
• The company recently declared a quarterly dividend of $0.56 per share, representing an annualized dividend yield of 7.4%, but has a payout ratio of -148.34%.

Rafferty Asset Management LLC increased its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 54.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,474 shares of the financial services provider's stock after acquiring an additional 10,340 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.15% of Washington Trust Bancorp worth $910,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the company. Wells Fargo & Company MN increased its stake in shares of Washington Trust Bancorp by 23.3% in the fourth quarter. Wells Fargo & Company MN now owns 11,458 shares of the financial services provider's stock worth $359,000 after purchasing an additional 2,166 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Washington Trust Bancorp by 6.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 932,056 shares of the financial services provider's stock worth $29,220,000 after buying an additional 58,176 shares during the period. State of Tennessee Department of Treasury purchased a new stake in shares of Washington Trust Bancorp during the 4th quarter valued at about $131,000. Hsbc Holdings PLC lifted its stake in shares of Washington Trust Bancorp by 70.3% in the 4th quarter. Hsbc Holdings PLC now owns 16,699 shares of the financial services provider's stock worth $523,000 after purchasing an additional 6,894 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Washington Trust Bancorp by 11.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,756 shares of the financial services provider's stock valued at $400,000 after buying an additional 1,348 shares during the last quarter. 65.81% of the stock is owned by institutional investors.

Washington Trust Bancorp Stock Performance

WASH traded down $0.06 during trading on Wednesday, hitting $30.17. 112,687 shares of the stock were exchanged, compared to its average volume of 119,254. The firm has a market capitalization of $578.06 million, a P/E ratio of -19.98, a PEG ratio of 0.86 and a beta of 0.94. 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 stock has a fifty day moving average price of $28.67 and a two-hundred day moving average price of $28.81. Washington Trust Bancorp, Inc. has a 1-year low of $24.95 and a 1-year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. The firm had revenue of $54.26 million for the quarter, compared to the consensus estimate of $54.07 million. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%.During the same period in the prior year, the business posted $0.63 earnings per share. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's payout ratio is presently -148.34%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WASH. 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 research note on Tuesday, July 22nd. Bank of America initiated coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Washington Trust Bancorp currently has an average rating of "Hold" and an average price target of $29.00.

Washington Trust Bancorp Company 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.