Vanguard Group Inc. Has $34.55 Million Stake in 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. raised its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 8.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,119,395 shares of the financial services provider's stock after purchasing an additional 86,062 shares during the period. Vanguard Group Inc. owned 5.81% of Washington Trust Bancorp worth $34,545,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its holdings in shares of 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 during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of 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 lifted its stake in Washington Trust Bancorp by 3,240.0% during the fourth quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock valued at $7,096,000 after purchasing an additional 219,578 shares during the last quarter. AQR Capital Management LLC lifted its stake in Washington Trust Bancorp by 16.7% during the fourth quarter. AQR Capital Management LLC now owns 181,697 shares of the financial services provider's stock valued at $5,696,000 after purchasing an additional 26,006 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Washington Trust Bancorp by 8.8% during the fourth quarter. Northern Trust Corp now owns 174,017 shares of the financial services provider's stock valued at $5,455,000 after purchasing an additional 14,142 shares during the last quarter. Institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Price Performance

WASH stock traded up $0.03 during trading on Friday, hitting $30.33. 75,867 shares of the stock traded hands, compared to its average volume of 131,761. Washington Trust Bancorp, Inc. has a one year low of $24.95 and a one year high of $40.59. The stock has a market cap of $581.12 million, a price-to-earnings ratio of -20.09, a P/E/G ratio of 0.86 and a beta of 0.91. The company has a 50 day simple moving average of $28.52 and a 200 day simple moving average of $28.86. The company has a current ratio of 1.05, a quick ratio of 1.04 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 (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.05. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. The firm had revenue of $54.26 million during the quarter, compared to the consensus estimate of $54.07 million. During the same period last year, the firm posted $0.63 EPS. Equities analysts expect that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed 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 7.4%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is presently -148.34%.

Analyst Ratings Changes

Several equities research analysts recently commented on WASH shares. Piper Sandler downgraded shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price target for the company. in a research report on Tuesday, July 22nd. Bank of America assumed coverage on Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price target for the company. One equities research 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 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 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.