Washington Trust Bancorp, Inc. $WASH Shares Acquired by Rafferty Asset Management LLC

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 grew its position in 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 period. Rafferty Asset Management LLC owned about 0.15% of Washington Trust Bancorp worth $910,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in WASH. Federated Hermes Inc. acquired a new stake in shares of Washington Trust Bancorp in the first quarter valued at about $53,000. State of Tennessee Department of Treasury acquired a new stake in shares of Washington Trust Bancorp in the fourth quarter valued at about $131,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Washington Trust Bancorp by 38.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,364 shares of the financial services provider's stock valued at $196,000 after purchasing an additional 1,757 shares during the period. Sanders Morris Harris LLC acquired a new stake in shares of Washington Trust Bancorp in the first quarter valued at about $216,000. Finally, Corebridge Financial Inc. lifted its stake in shares of Washington Trust Bancorp by 11.4% in the first quarter. Corebridge Financial Inc. now owns 9,380 shares of the financial services provider's stock valued at $289,000 after purchasing an additional 960 shares during the period. Hedge funds and other institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Price Performance

WASH traded down $0.45 during midday trading on Friday, reaching $29.99. 181,624 shares of the company's stock were exchanged, compared to its average volume of 114,044. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.05 and a quick ratio of 1.04. The stock has a market capitalization of $574.61 million, a PE ratio of -19.86, a P/E/G ratio of 0.85 and a beta of 0.94. The business's 50-day moving average price is $28.75 and its 200 day moving average price is $28.75. 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 announced its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. The company had revenue of $54.26 million during the quarter, compared to analysts' expectations of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. During the same quarter in the previous year, the business posted $0.63 earnings per share. As a group, equities analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were given a dividend of $0.56 per share. The ex-dividend date was Tuesday, July 1st. This represents a $2.24 dividend on an annualized basis and a yield of 7.5%. Washington Trust Bancorp's payout ratio is presently -148.34%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Piper Sandler cut shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective for the company. in a research note on Tuesday, July 22nd. Bank of America assumed coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $29.00.

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.