Retirement Planning Co of New England Inc. Invests $575,000 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) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 18,636 shares of the financial services provider's stock, valued at approximately $575,000. Retirement Planning Co of New England Inc. owned approximately 0.10% of Washington Trust Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WASH. The Manufacturers Life Insurance Company boosted its stake in Washington Trust Bancorp by 6,117.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock valued at $12,658,000 after acquiring an additional 397,255 shares in the last quarter. Millennium Management LLC increased its holdings in Washington Trust Bancorp by 3,240.0% in the fourth quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock valued at $7,096,000 after buying an additional 219,578 shares in the last quarter. Wellington Management Group LLP purchased a new position in Washington Trust Bancorp in the fourth quarter valued at $4,853,000. Nuveen LLC purchased a new position in Washington Trust Bancorp in the first quarter valued at $2,944,000. Finally, Vanguard Group Inc. increased its holdings in Washington Trust Bancorp by 8.3% in the first quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider's stock valued at $34,545,000 after buying an additional 86,062 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Trading Down 2.1%

Shares of NASDAQ:WASH traded down $0.65 during mid-day trading on Friday, reaching $29.79. 139,671 shares of the company were exchanged, compared to its average volume of 165,752. 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 firm has a market cap of $570.78 million, a price-to-earnings ratio of -19.73, a P/E/G ratio of 0.86 and a beta of 0.94. The firm's 50-day simple moving average is $28.72 and its 200 day simple moving average is $28.80. 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 posted its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. The firm 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 last year, the company posted $0.63 EPS. Equities research analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 7.5%. The ex-dividend date of this dividend was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is currently -148.34%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WASH. 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 report on Tuesday, July 22nd. Bank of America initiated coverage on Washington Trust Bancorp in a research report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Washington Trust Bancorp 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.