Washington Trust Bancorp, Inc. $WASH Shares Acquired by Empowered Funds LLC

Key Points

• Empowered Funds LLC increased its Washington Trust Bancorp stake by 556.6% in the first quarter, owning 67,628 shares valued at approximately $2.23 million. Institutional investors and hedge funds collectively hold 65.81% of the stock.
• Analysts maintain a generally neutral outlook, with an average rating of “Hold” and a consensus price target of $35.50. Recent target increases place the stock below its reported opening price of $39.47.
• Washington Trust Bancorp exceeded quarterly expectations, reporting $0.83 EPS versus the $0.77 consensus and $60.47 million in revenue. The company also pays a quarterly dividend of $0.56, equivalent to a 5.7% annualized yield.

Empowered Funds LLC lifted its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 556.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,628 shares of the financial services provider's stock after purchasing an additional 57,329 shares during the period. Empowered Funds LLC owned about 0.35% of Washington Trust Bancorp worth $2,225,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Federated Hermes Inc. boosted its position in shares of Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 420 shares during the period. Signaturefd LLC raised its position in Washington Trust Bancorp by 14.0% in the fourth quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider's stock worth $116,000 after acquiring an additional 481 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Washington Trust Bancorp by 11.7% in the third quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider's stock valued at $145,000 after buying an additional 526 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Washington Trust Bancorp by 114.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after buying an additional 542 shares during the last quarter. Finally, Brown Lisle Cummings Inc. lifted its holdings in shares of Washington Trust Bancorp by 1.3% in the first quarter. Brown Lisle Cummings Inc. now owns 47,098 shares of the financial services provider's stock valued at $1,576,000 after purchasing an additional 620 shares in the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Piper Sandler raised their price objective on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Zacks Research upgraded Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods raised their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a "market perform" rating in a report on Wednesday, July 22nd. Finally, Weiss Ratings upgraded Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, June 5th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $35.50.

Washington Trust Bancorp Trading Down 1.1%

Washington Trust Bancorp stock opened at $39.47 on Thursday. The company's fifty day simple moving average is $36.04 and its 200-day simple moving average is $34.24. Washington Trust Bancorp, Inc. has a 12 month low of $25.23 and a 12 month high of $40.25. The stock has a market cap of $752.69 million, a P/E ratio of 13.70, a P/E/G ratio of 0.91 and a beta of 0.72. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping 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 10.24%. As a group, 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 business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. Washington Trust Bancorp's payout ratio is currently 77.78%.

About Washington Trust Bancorp

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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