Bank of New York Mellon Corp Has $4.18 Million Position in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Key Points

• Bank of New York Mellon Corp increased its stake in Washington Trust Bancorp by 31.1%, owning 135,403 shares worth approximately $4.18 million at the end of the first quarter.
• Analysts have downgraded Washington Trust Bancorp's stock, with Piper Sandler setting a price target of $28.00 and Keefe, Bruyette & Woods lowering theirs to $31.00, reflecting a generally cautious outlook.
• The company recently reported earnings of $0.68 per share, exceeding expectations, but has a negative net margin of 6.10% and a relatively high debt-to-equity ratio of 1.67.

Bank of New York Mellon Corp lifted its position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 31.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 135,403 shares of the financial services provider's stock after purchasing an additional 32,088 shares during the period. Bank of New York Mellon Corp owned about 0.70% of Washington Trust Bancorp worth $4,179,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Washington Trust Bancorp by 4,346.5% in the first quarter. GAMMA Investing LLC now owns 16,541 shares of the financial services provider's stock valued at $536,000 after buying an additional 16,169 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Washington Trust Bancorp in the fourth quarter valued at about $369,000. BNP Paribas Financial Markets grew its position in Washington Trust Bancorp by 17.9% during the fourth quarter. BNP Paribas Financial Markets now owns 16,170 shares of the financial services provider's stock worth $507,000 after buying an additional 2,455 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Washington Trust Bancorp in the fourth quarter valued at about $676,000. Finally, Millennium Management LLC raised 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 worth $7,096,000 after purchasing an additional 219,578 shares during the period. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Price Performance

Washington Trust Bancorp stock traded up $0.04 during trading hours on Monday, hitting $27.60. 90,777 shares of the company traded hands, compared to its average volume of 171,586. The firm has a market cap of $532.43 million, a P/E ratio of -18.29, a P/E/G ratio of 0.95 and a beta of 0.90. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.67. The firm's 50-day simple moving average is $28.24 and its two-hundred day simple moving average is $29.54. 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 released its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. The business had revenue of $54.26 million for the quarter, compared to the consensus estimate of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.14%. During the same period last year, the firm posted $0.63 earnings per share. As a group, analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 8.12%. The ex-dividend date of this dividend was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio is currently -148.34%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods cut their price target on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd. Bank of America started coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 target price on the stock. Finally, Piper Sandler lowered shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 target price on the stock. in a report on Tuesday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Washington Trust Bancorp currently has an average 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.