Retirement Planning Co of New England Inc. Takes $575,000 Position in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Retirement Planning Co of New England Inc. bought a new stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 18,636 shares of the financial services provider's stock, valued at approximately $575,000. Retirement Planning Co of New England Inc. owned 0.10% of Washington Trust Bancorp at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Washington Trust Bancorp by 3.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,643 shares of the financial services provider's stock valued at $302,000 after buying an additional 319 shares during the period. Linden Thomas Advisory Services LLC grew its position in Washington Trust Bancorp by 1.1% during the first quarter. Linden Thomas Advisory Services LLC now owns 36,775 shares of the financial services provider's stock valued at $1,135,000 after buying an additional 401 shares during the period. LPL Financial LLC grew its position in Washington Trust Bancorp by 4.2% during the fourth quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock valued at $573,000 after buying an additional 738 shares during the period. Shepherd Financial Partners LLC grew its position in Washington Trust Bancorp by 8.8% during the first quarter. Shepherd Financial Partners LLC now owns 10,167 shares of the financial services provider's stock valued at $314,000 after buying an additional 819 shares during the period. Finally, Legal & General Group Plc grew its position in Washington Trust Bancorp by 6.7% during the fourth quarter. Legal & General Group Plc now owns 17,864 shares of the financial services provider's stock valued at $560,000 after buying an additional 1,116 shares during the period. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Trading Up 1.0%

Shares of WASH stock opened at $29.09 on Friday. The company's 50-day moving average price is $28.37 and its 200-day moving average price is $29.67. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.67. The stock has a market cap of $561.15 million, a price-to-earnings ratio of -18.65, a PEG ratio of 1.00 and a beta of 0.90. Washington Trust Bancorp, Inc. has a twelve month low of $24.95 and a twelve month high of $40.59.

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 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.01). Washington Trust Bancorp had a negative net margin of 6.60% and a positive return on equity of 8.82%. The firm had revenue of $59.07 million for the quarter, compared to analyst estimates of $53.16 million. As a group, equities 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. Shareholders of record on Tuesday, July 1st were given a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.24 dividend on an annualized basis and a yield of 7.70%. Washington Trust Bancorp's payout ratio is currently -143.59%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WASH. Bank of America initiated coverage on shares of Washington Trust Bancorp in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price target for the company. Keefe, Bruyette & Woods decreased their price target on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $31.00.

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.

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