Wellington Management Group LLP Boosts Position in Washington Trust Bancorp, Inc. $WASH

Key Points

• Wellington Management Group LLP increased its holdings in Washington Trust Bancorp by 9.0%, acquiring an additional 14,000 shares, bringing their total ownership to approximately 0.88% of the company worth about $5.2 million.
• Washington Trust Bancorp recently reported $0.68 earnings per share for the last quarter, exceeding analysts' expectations of $0.63, with revenues of $54.26 million.
• The company declared a quarterly dividend of $0.56 per share, equating to an annualized dividend of $2.24 and a dividend yield of 7.4%.

Wellington Management Group LLP grew its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 9.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 168,800 shares of the financial services provider's stock after acquiring an additional 14,000 shares during the period. Wellington Management Group LLP owned about 0.88% of Washington Trust Bancorp worth $5,209,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Federated Hermes Inc. purchased a new position in shares of Washington Trust Bancorp in the 1st quarter valued at about $53,000. State of Tennessee Department of Treasury acquired a new stake in Washington Trust Bancorp in the fourth quarter valued at approximately $131,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Washington Trust Bancorp by 38.1% in the first 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 shares of Washington Trust Bancorp during the 1st quarter worth approximately $216,000. Finally, Aquatic Capital Management LLC acquired a new position in shares of Washington Trust Bancorp during the 4th quarter worth approximately $229,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Price Performance

WASH traded up $0.27 on Thursday, hitting $30.44. 134,143 shares of the company's stock were exchanged, compared to its average volume of 117,202. Washington Trust Bancorp, Inc. has a fifty-two week low of $24.95 and a fifty-two week high of $40.59. The stock has a market cap of $583.23 million, a price-to-earnings ratio of -20.16, a P/E/G ratio of 0.86 and a beta of 0.94. The firm has a 50-day moving average price of $28.72 and a 200-day moving average price of $28.80. 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 quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. The firm had revenue of $54.26 million for the quarter, compared to the consensus estimate 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 period last year, the firm posted $0.63 earnings per share. As a group, equities analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. 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 price target on the stock. Piper Sandler lowered shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 target price on the stock. in a research report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Washington Trust Bancorp presently has a consensus 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.