Washington Trust Bancorp, Inc. $WASH Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 118,215 shares of Washington Trust Bancorp in the second quarter, valued at about $4.3 million and representing 0.62% ownership. Several other institutions also initiated positions, with institutional investors collectively owning 65.81% of the company.
• Analysts maintain a generally cautious outlook, with a consensus “Hold” rating and an average price target of $35.50. Recent ratings included multiple target-price increases, but most firms rated the stock neutral or market perform.
• Washington Trust Bancorp reported quarterly EPS of $0.83, exceeding the $0.77 estimate, while revenue reached $60.47 million. The company declared a quarterly dividend of $0.56, equivalent to an annualized yield of approximately 5.8%.

Bank of America Corp DE purchased a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 118,215 shares of the financial services provider's stock, valued at approximately $4,312,000. Bank of America Corp DE owned 0.62% of Washington Trust Bancorp as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of WASH. BlackRock Inc. bought a new stake in Washington Trust Bancorp in the second quarter valued at $81,558,000. First Horizon Corp bought a new position in Washington Trust Bancorp in the 1st quarter worth about $9,912,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Washington Trust Bancorp in the second quarter valued at approximately $10,556,000. Basswood Capital Management L.L.C. acquired a new stake in shares of Washington Trust Bancorp in the second quarter valued at approximately $6,712,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Washington Trust Bancorp during the second quarter valued at approximately $5,466,000. Institutional investors own 65.81% of the company's stock.

Wall Street Analyst Weigh In

WASH has been the topic of a number of research analyst reports. Piper Sandler raised their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Keefe, Bruyette & Woods increased their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Seaport Research Partners lowered shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research report on Wednesday, July 22nd. Wall Street Zen raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Washington Trust Bancorp in a research report on Wednesday, September 2nd. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $35.50.

Washington Trust Bancorp Stock Down 1.0%

NASDAQ WASH opened at $38.49 on Tuesday. Washington Trust Bancorp, Inc. has a 12 month low of $25.23 and a 12 month high of $40.54. The company has a market capitalization of $734.00 million, a P/E ratio of 13.36, a PEG ratio of 0.89 and a beta of 0.70. The company's 50 day simple moving average is $39.34 and its 200 day simple moving average is $35.71. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.97.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share 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 analyst estimates of $59.91 million. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%. Equities research analysts expect that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a $0.56 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 5.8%. Washington Trust Bancorp's dividend payout ratio (DPR) is currently 77.78%.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the parent company of The Washington Trust Company, a full-service community bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is recognized as one of the oldest continuously operating banks in the United States.

The company provides a range of financial services to individuals, families, businesses, and institutions. Its offerings include personal and commercial deposit accounts, consumer and business lending, residential mortgages, cash management, online and mobile banking, and other traditional banking services.

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