Wellington Management Group LLP Makes New Investment in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Wellington Management Group LLP purchased a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 154,800 shares of the financial services provider's stock, valued at approximately $4,853,000. Wellington Management Group LLP owned 0.80% of Washington Trust Bancorp at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Proficio Capital Partners LLC bought a new stake in Washington Trust Bancorp in the 4th quarter valued at $1,955,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Washington Trust Bancorp during the fourth quarter worth about $369,000. BNP Paribas Financial Markets boosted 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 buying an additional 2,455 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Washington Trust Bancorp during the fourth quarter worth about $676,000. Finally, Franklin Resources Inc. acquired a new stake in shares of Washington Trust Bancorp in the fourth quarter valued at approximately $6,824,000. Institutional investors and hedge funds own 65.81% of the company's stock.

Analyst Ratings Changes

WASH has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lowered their target price on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 22nd. Seaport Res Ptn raised shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 14th. Finally, Bank of America began coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price objective on the stock. Four analysts have rated the stock with a hold rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Washington Trust Bancorp presently has a consensus rating of "Hold" and a consensus target price of $31.00.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ WASH traded up $0.65 during midday trading on Friday, hitting $27.70. 123,266 shares of the company's stock were exchanged, compared to its average volume of 151,403. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm has a market capitalization of $534.36 million, a PE ratio of -17.87 and a beta of 0.91. Washington Trust Bancorp, Inc. has a 12 month low of $24.70 and a 12 month high of $40.59. The company's 50 day moving average price is $27.82 and its 200 day moving average price is $30.90.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.01). The company had revenue of $59.07 million for the quarter, compared to analyst estimates of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. As a group, analysts predict that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 8.09%. The ex-dividend date of this dividend was Tuesday, April 1st. Washington Trust Bancorp's dividend payout ratio is currently -143.59%.

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.