Susquehanna Fundamental Investments LLC Invests $1.12 Million in Washington Trust Bancorp, Inc. $WASH

Key Points

• Susquehanna Fundamental Investments acquired 30,588 shares of Washington Trust Bancorp worth approximately $1.12 million, while institutional investors collectively own 65.81% of the company.
• Washington Trust Bancorp beat quarterly earnings expectations, reporting $0.83 EPS versus the $0.77 consensus and revenue of $60.47 million. The company also pays a $0.56 quarterly dividend, equivalent to a 5.8% annualized yield.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $35.50, below the stock’s reported opening price of $38.56.

Susquehanna Fundamental Investments LLC acquired a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 30,588 shares of the financial services provider's stock, valued at approximately $1,116,000. Susquehanna Fundamental Investments LLC owned 0.16% of Washington Trust Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in WASH. EverSource Wealth Advisors LLC grew its stake in Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after purchasing an additional 542 shares during the period. Allworth Financial LP acquired a new position in Washington Trust Bancorp in the second quarter valued at approximately $50,000. Federated Hermes Inc. boosted its holdings in shares of Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after buying an additional 420 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock worth $67,000 after buying an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of Washington Trust Bancorp by 367.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock worth $69,000 after buying an additional 1,869 shares during the period. Institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Price Performance

Shares of NASDAQ:WASH opened at $38.56 on Wednesday. Washington Trust Bancorp, Inc. has a twelve month low of $25.23 and a twelve month high of $40.50. The stock's 50 day moving average is $38.09 and its 200-day moving average is $35.07. 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 capitalization of $735.34 million, a price-to-earnings ratio of 13.39, a PEG ratio of 0.89 and a beta of 0.70.

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

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is currently 77.78%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Seaport Research Partners downgraded shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research report on Wednesday, July 22nd. Weiss Ratings upgraded shares of Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, June 5th. Keefe, Bruyette & Woods lifted their price target on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Piper Sandler upped their price objective 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, Wall Street Zen raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $35.50.

Washington Trust Bancorp 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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