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

Key Points

• Retirement Planning Co of New England Inc. has acquired 18,636 shares of Washington Trust Bancorp, Inc. valued at approximately $575,000, representing about 0.10% of the company's stock.
• Washington Trust Bancorp recently declared a quarterly dividend of $0.56 per share, reflecting an annualized yield of 7.4%, despite a dividend payout ratio of -148.34%.
• The company's stock has a PE ratio of -20.09 and is projected to post an EPS of 2.76 for the current fiscal year.

Retirement Planning Co of New England Inc. acquired 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 SEC. The fund acquired 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 institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Washington Trust Bancorp by 8.3% during the 1st quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider's stock valued at $34,545,000 after acquiring an additional 86,062 shares during the period. Dimensional Fund Advisors LP boosted its position in 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 purchasing an additional 58,176 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Washington Trust Bancorp by 6,117.3% in the 4th 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 in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Washington Trust Bancorp by 27.4% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 386,110 shares of the financial services provider's stock worth $11,915,000 after purchasing an additional 82,960 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Washington Trust Bancorp by 39.3% during the 1st quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider's stock worth $9,118,000 after purchasing an additional 83,311 shares during the period. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Trading Up 0.9%

NASDAQ:WASH traded up $0.27 during trading hours on Thursday, hitting $30.44. The company had a trading volume of 134,143 shares, compared to its average volume of 165,727. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94. The company has a 50-day moving average of $28.67 and a 200 day moving average of $28.81. The company has a market cap of $583.23 million, a P/E ratio of -20.16, a P/E/G ratio of 0.86 and a beta of 0.94. 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 issued its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate 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 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 earned $0.63 EPS. Sell-side analysts expect that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

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

Analyst Ratings Changes

WASH has been the topic of a number of analyst reports. Bank of America initiated coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price objective on the stock. Piper Sandler lowered Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 target price on the stock. in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average 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.