Bank of New York Mellon Corp Purchases 32,088 Shares of 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 boosted its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 31.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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 approximately 0.70% of Washington Trust Bancorp worth $4,179,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in WASH. The Manufacturers Life Insurance Company lifted its position in shares of Washington Trust Bancorp by 6,117.3% during the 4th 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 during the last quarter. Millennium Management LLC lifted its position in shares of Washington Trust Bancorp by 3,240.0% during the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock valued at $7,096,000 after acquiring an additional 219,578 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of Washington Trust Bancorp during the 4th quarter valued at $6,824,000. Wellington Management Group LLP acquired a new stake in shares of Washington Trust Bancorp during the 4th quarter valued at $4,853,000. Finally, Soros Fund Management LLC acquired a new stake in shares of Washington Trust Bancorp during the 4th quarter valued at $4,232,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Stock Down 0.2%

Shares of NASDAQ WASH traded down $0.05 during mid-day trading on Tuesday, reaching $27.68. The company had a trading volume of 9,175 shares, compared to its average volume of 171,079. Washington Trust Bancorp, Inc. has a twelve month low of $24.95 and a twelve month high of $40.59. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $533.97 million, a PE ratio of -18.29, a price-to-earnings-growth ratio of 0.95 and a beta of 0.90. The stock's 50 day moving average is $28.21 and its 200-day moving average is $29.53.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.05. Washington Trust Bancorp had a positive return on equity of 9.14% and a negative net margin of 6.10%. The company had revenue of $54.26 million for the quarter, compared to analyst estimates of $54.07 million. During the same period last year, the company earned $0.63 earnings per share. As a group, equities analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.56 per share. The ex-dividend date was Tuesday, July 1st. This represents a $2.24 annualized dividend and a yield of 8.09%. Washington Trust Bancorp's dividend payout ratio (DPR) is currently -148.34%.

Wall Street Analyst Weigh In

WASH has been the topic of several recent analyst reports. Piper Sandler downgraded 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 research note on Tuesday, July 22nd. Bank of America initiated coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut their target price 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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.