Renaissance Technologies LLC Buys 40,591 Shares of Washington Trust Bancorp, Inc. $WASH

Key Points

• Renaissance Technologies more than doubled its stake in Washington Trust Bancorp during the first quarter, buying 40,591 additional shares and bringing its holding to 77,959 shares, worth approximately $2.6 million.
• Institutional investors own 65.81% of WASH, with several major firms—including First Horizon, Franklin Resources, Qube Research, Drexel Morgan, and Goldman Sachs—also increasing or initiating positions.
• Analysts broadly rate the stock “Hold”, with an average price target of $35.50, despite the company beating quarterly earnings and revenue estimates and offering a 5.8% dividend yield.

Renaissance Technologies LLC lifted its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 108.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 77,959 shares of the financial services provider's stock after purchasing an additional 40,591 shares during the period. Renaissance Technologies LLC owned 0.41% of Washington Trust Bancorp worth $2,609,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the stock. First Horizon Corp bought a new position in Washington Trust Bancorp in the first quarter worth about $9,912,000. Franklin Resources Inc. boosted its position in Washington Trust Bancorp by 28.3% during the 3rd quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider's stock valued at $16,189,000 after acquiring an additional 123,734 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Washington Trust Bancorp by 173.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider's stock worth $2,554,000 after acquiring an additional 56,102 shares during the period. Drexel Morgan & Co. grew its holdings in shares of Washington Trust Bancorp by 19.9% during the 4th quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider's stock worth $8,889,000 after acquiring an additional 50,000 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Washington Trust Bancorp by 16.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 267,595 shares of the financial services provider's stock worth $7,907,000 after acquiring an additional 36,937 shares in the last quarter. Institutional investors own 65.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Zacks Research upgraded Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, June 5th. Wall Street Zen raised Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Piper Sandler boosted their target price on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $35.50.

Washington Trust Bancorp Price Performance

WASH stock opened at $38.85 on Monday. Washington Trust Bancorp, Inc. has a twelve month low of $25.23 and a twelve month high of $40.25. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. The firm has a market cap of $740.87 million, a PE ratio of 13.49, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72. The business has a 50 day moving average of $36.30 and a 200 day moving average of $34.36.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its earnings results on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%.The business had revenue of $60.47 million for the quarter, compared to the consensus estimate of $59.91 million. On average, research analysts forecast that Washington Trust Bancorp, Inc. will post 3.2 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp's dividend payout ratio is currently 77.78%.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company's core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.

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