Insider Buying: Washington Trust Bancorp (NASDAQ:WASH) CEO Buys 3,195 Shares of Stock

Key Points

• CEO Edward Handy III purchased 3,195 shares at an average price of $31.32 (totaling $100,067.40), boosting his stake 6.62% to 51,442 shares valued at about $1.61M.
• Washington Trust declared a quarterly dividend of $0.56 (annualized $2.24), representing a 7.0% yield with a dividend payout ratio of 82.05%.
• The company reported Q1 EPS of $0.66 vs. $0.77 expected (a miss) while revenue of $98.35M beat estimates; the stock trades around $31.97 and carries a consensus "Hold" with a $31.33 price target.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) CEO Edward Handy III purchased 3,195 shares of the business's stock in a transaction that occurred on Monday, April 27th. The stock was acquired at an average price of $31.32 per share, for a total transaction of $100,067.40. Following the acquisition, the chief executive officer directly owned 51,442 shares of the company's stock, valued at $1,611,163.44. This trade represents a 6.62% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Washington Trust Bancorp Stock Up 1.1%

NASDAQ:WASH traded up $0.34 during trading hours on Tuesday, hitting $31.97. The stock had a trading volume of 253,707 shares, compared to its average volume of 172,546. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.19. Washington Trust Bancorp, Inc. has a 1-year low of $25.23 and a 1-year high of $37.08. The business has a 50 day simple moving average of $33.69 and a two-hundred day simple moving average of $31.21. The company has a market cap of $608.71 million, a PE ratio of 11.71, a price-to-earnings-growth ratio of 0.66 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.11). Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.85%. The firm had revenue of $98.35 million during the quarter, compared to analyst estimates of $58.24 million. Analysts predict that Washington Trust Bancorp, Inc. will post 3.19 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Wednesday, April 1st were given a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $2.24 annualized dividend and a yield of 7.0%. Washington Trust Bancorp's dividend payout ratio (DPR) is 82.05%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several large investors have recently added to or reduced their stakes in WASH. Foster Dykema Cabot & Partners LLC bought a new position in Washington Trust Bancorp during the third quarter worth $27,000. EverSource Wealth Advisors LLC lifted its stake in Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after purchasing an additional 542 shares during the last quarter. Federated Hermes Inc. lifted its stake in Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after purchasing an additional 420 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock worth $67,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock worth $69,000 after purchasing an additional 1,869 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WASH. Piper Sandler began coverage on shares of Washington Trust Bancorp in a research report on Monday, March 16th. They issued a "neutral" rating and a $32.00 price objective for the company. Keefe, Bruyette & Woods increased their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a "market perform" rating in a research report on Friday, January 30th. Zacks Research downgraded shares of Washington Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Wall Street Zen downgraded shares of Washington Trust Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday. Finally, Weiss Ratings raised shares of Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $31.33.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company's core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.

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