Vanguard Group Inc. Acquires 86,062 Shares of Washington Trust Bancorp, Inc. $WASH

Key Points

• Vanguard Group Inc. increased its stake in Washington Trust Bancorp by 8.3%, acquiring an additional 86,062 shares in the first quarter, bringing its total holdings to approximately 1,119,395 shares valued at $34.5 million.
• Washington Trust Bancorp reported $0.68 earnings per share for the quarter, exceeding analysts' expectations and achieving a positive return on equity of 9.05%.
• The company declared a quarterly dividend of $0.56 per share, resulting in an annualized yield of 7.5%, although the current dividend payout ratio is negative at -148.34%.

Vanguard Group Inc. increased its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 8.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,119,395 shares of the financial services provider's stock after buying an additional 86,062 shares during the quarter. Vanguard Group Inc. owned about 5.81% of Washington Trust Bancorp worth $34,545,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Federated Hermes Inc. acquired a new stake in shares of Washington Trust Bancorp in the first quarter valued at about $53,000. Inspire Advisors LLC boosted its position in Washington Trust Bancorp by 41.0% during the 1st quarter. Inspire Advisors LLC now owns 85,574 shares of the financial services provider's stock valued at $2,641,000 after purchasing an additional 24,880 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Washington Trust Bancorp by 38.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,364 shares of the financial services provider's stock valued at $196,000 after acquiring an additional 1,757 shares in the last quarter. Retirement Planning Co of New England Inc. bought a new stake in Washington Trust Bancorp during the 1st quarter valued at $575,000. Finally, Napatree Capital LLC raised its stake in Washington Trust Bancorp by 10.5% during the 1st quarter. Napatree Capital LLC now owns 61,606 shares of the financial services provider's stock valued at $1,901,000 after acquiring an additional 5,833 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Stock Up 0.1%

Shares of NASDAQ:WASH traded up $0.03 on Monday, reaching $30.33. The company had a trading volume of 75,867 shares, compared to its average volume of 125,798. Washington Trust Bancorp, Inc. has a twelve month low of $24.95 and a twelve month high of $40.59. The stock has a 50-day moving average price of $28.58 and a 200 day moving average price of $28.79. The stock has a market capitalization of $581.12 million, a P/E ratio of -20.09, a P/E/G ratio of 0.86 and a beta of 0.94. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings results 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. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%.The company had revenue of $54.26 million during the quarter, compared to analysts' expectations of $54.07 million. During the same quarter in the previous year, the firm earned $0.63 earnings per share. On average, equities analysts expect that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on WASH shares. Bank of America began coverage on Washington Trust Bancorp in a research report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price target on the stock. Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price target on the stock. in a report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $29.00.

Washington Trust Bancorp Company 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.