Washington Trust Bancorp, Inc. $WASH Shares Bought by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC increased its stake in Washington Trust Bancorp by 27.4%, owning 2.00% of the company, which is valued at approximately $11.9 million.
• Washington Trust Bancorp reported an earnings per share (EPS) of $0.68 for the last quarter, surpassing analyst expectations by $0.05 and achieving a revenue of $54.26 million.
• The company announced a quarterly dividend of $0.56, resulting in an annualized yield of 7.5%, although it has a negative dividend payout ratio of -148.34%.

Hotchkis & Wiley Capital Management LLC grew its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 27.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 386,110 shares of the financial services provider's stock after buying an additional 82,960 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned 2.00% of Washington Trust Bancorp worth $11,915,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in Washington Trust Bancorp by 31.1% during the 1st quarter. Bank of New York Mellon Corp now owns 135,403 shares of the financial services provider's stock valued at $4,179,000 after acquiring an additional 32,088 shares during the period. GAMMA Investing LLC increased its stake in Washington Trust Bancorp by 4,346.5% during the first quarter. GAMMA Investing LLC now owns 16,541 shares of the financial services provider's stock worth $536,000 after purchasing an additional 16,169 shares during the period. Inspire Advisors LLC increased its stake in Washington Trust Bancorp by 41.0% during the first quarter. Inspire Advisors LLC now owns 85,574 shares of the financial services provider's stock worth $2,641,000 after purchasing an additional 24,880 shares during the period. Victory Capital Management Inc. lifted its position in shares of Washington Trust Bancorp by 15.0% during the first quarter. Victory Capital Management Inc. now owns 30,700 shares of the financial services provider's stock worth $947,000 after purchasing an additional 4,000 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of 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 purchasing an additional 2,455 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Stock Up 5.8%

WASH stock opened at $29.71 on Friday. The company's 50 day moving average price is $28.20 and its 200 day moving average price is $28.95. The firm has a market capitalization of $569.24 million, a price-to-earnings ratio of -19.68, a PEG ratio of 0.85 and a beta of 0.91. Washington Trust Bancorp, Inc. has a fifty-two week low of $24.95 and a fifty-two week high of $40.59. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.04 and a current ratio of 1.05.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, topping 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 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 business posted $0.63 EPS. On average, equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 7.5%. The ex-dividend date of this dividend was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio is -148.34%.

Analyst Ratings Changes

A number of research analysts recently weighed in on WASH shares. Bank of America started coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price objective for the company. 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 note on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target 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.

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