Hotchkis & Wiley Capital Management LLC Acquires 82,960 Shares of Washington Trust Bancorp, Inc. $WASH

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 boosted its holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 27.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 386,110 shares of the financial services provider's stock after acquiring an additional 82,960 shares during the period. 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.

Several other institutional investors have also added to or reduced their stakes in WASH. Federated Hermes Inc. acquired a new position in Washington Trust Bancorp in the 1st quarter valued at $53,000. State of Tennessee Department of Treasury acquired a new position in Washington Trust Bancorp in the 4th quarter valued at $131,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Washington Trust Bancorp by 38.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,364 shares of the financial services provider's stock valued at $196,000 after buying an additional 1,757 shares in the last quarter. Sanders Morris Harris LLC acquired a new position in Washington Trust Bancorp in the 1st quarter valued at $216,000. Finally, Aquatic Capital Management LLC acquired a new position in Washington Trust Bancorp in the 4th quarter valued at $229,000. 65.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on WASH shares. Piper Sandler lowered Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective on the stock. in a report on Tuesday, July 22nd. Bank of America assumed coverage on Washington Trust Bancorp in a research report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $29.00.

Washington Trust Bancorp Price Performance

NASDAQ WASH traded up $0.10 on Friday, hitting $30.40. 16,643 shares of the company's stock were exchanged, compared to its average volume of 166,512. The stock has a 50-day moving average of $28.45 and a 200-day moving average of $28.88. The stock has a market cap of $582.37 million, a price-to-earnings ratio of -20.13, a P/E/G ratio of 0.87 and a beta of 0.91. Washington Trust Bancorp, Inc. has a 52 week low of $24.95 and a 52 week high of $40.59. 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 posted its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. The firm had revenue of $54.26 million for the quarter, compared to analysts' expectations of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. During the same quarter in the previous year, the firm posted $0.63 earnings per share. Analysts expect that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current 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 paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date of this dividend was Tuesday, July 1st. Washington Trust Bancorp's payout ratio is presently -148.34%.

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.