American Century Companies Inc. Sells 105,480 Shares of Washington Trust Bancorp, Inc. $WASH

Key Points

• American Century Companies Inc. reduced its stake in Washington Trust Bancorp by 32.4%, selling 105,480 shares, and now owns 1.14% of the company worth $6.78 million.
• Washington Trust Bancorp recently reported $0.68 EPS for the quarter, surpassing analysts' estimates, and had a negative net margin of 6.10% with a positive return on equity of 9.05%.
• The company announced a quarterly dividend of $0.56 per share, translating to an annualized amount of $2.24 and a dividend yield of 7.3%.

American Century Companies Inc. lowered its holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 32.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 219,689 shares of the financial services provider's stock after selling 105,480 shares during the quarter. American Century Companies Inc. owned about 1.14% of Washington Trust Bancorp worth $6,780,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Federated Hermes Inc. bought a new stake in shares of Washington Trust Bancorp in the 1st quarter worth $53,000. State of Tennessee Department of Treasury bought a new stake in shares of Washington Trust Bancorp in the 4th quarter worth $131,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 worth $196,000 after acquiring an additional 1,757 shares in the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Washington Trust Bancorp in the 1st quarter worth $216,000. Finally, Aquatic Capital Management LLC bought a new stake in shares of Washington Trust Bancorp in the 4th quarter worth $229,000. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Stock Performance

WASH traded down $0.10 during trading on Tuesday, hitting $30.23. 109,501 shares of the company traded hands, compared to its average volume of 119,254. The firm has a market cap of $579.21 million, a P/E ratio of -20.02, a price-to-earnings-growth ratio of 0.86 and a beta of 0.94. The stock's fifty day moving average is $28.62 and its 200 day moving average is $28.80. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94. Washington Trust Bancorp, Inc. has a one year low of $24.95 and a one year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued 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 during the quarter, compared to analyst estimates 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 last year, the business earned $0.63 earnings per share. As a group, equities analysts predict that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is currently -148.34%.

Analyst Upgrades and Downgrades

WASH has been the subject of several recent analyst reports. Bank of America started coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 target price for the company. Piper Sandler lowered 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 report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average 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.