Washington Trust Bancorp (NASDAQ:WASH) Director Edwin Santos Sells 1,200 Shares of Stock

Key Points

• Director Edwin Santos sold 1,200 Washington Trust Bancorp shares at an average price of $39.25, generating $47,100 and reducing his ownership by 11.64% to 9,110 shares.
• Washington Trust Bancorp recently reported stronger-than-expected quarterly results, with earnings of $1.01 per share and revenue of $64.96 million, exceeding analyst estimates.
• The company maintains a quarterly dividend of $0.56 per share, equivalent to a 5.8% yield; analysts give the stock a “Moderate Buy” consensus rating with an average price target of $37.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) Director Edwin Santos sold 1,200 shares of the firm's stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $39.25, for a total value of $47,100.00. Following the sale, the director owned 9,110 shares in the company, valued at approximately $357,567.50. The trade was a 11.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Washington Trust Bancorp Stock Down 0.6%

Shares of WASH traded down $0.23 during mid-day trading on Wednesday, reaching $38.89. 53,618 shares of the stock traded hands, compared to its average volume of 162,866. The stock has a fifty day simple moving average of $38.77 and a 200 day simple moving average of $35.47. Washington Trust Bancorp, Inc. has a 12-month low of $26.52 and a 12-month high of $40.54. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. The firm has a market cap of $741.77 million, a price-to-earnings ratio of 11.71, a P/E/G ratio of 0.83 and a beta of 0.73.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its earnings results on Monday, October 19th. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.14. The business had revenue of $64.96 million during the quarter, compared to the consensus estimate of $62.62 million. Washington Trust Bancorp had a net margin of 16.73% and a return on equity of 11.67%. Sell-side analysts expect that Washington Trust Bancorp, Inc. will post 3.26 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. Washington Trust Bancorp's payout ratio is 67.27%.

Analysts Set New Price Targets

A number of research analysts have recently commented on WASH shares. Keefe, Bruyette & Woods raised their price target on Washington Trust Bancorp from $36.00 to $39.00 and gave the company a "market perform" rating in a report on Wednesday, October 21st. Seaport Research Partners downgraded shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a report on Wednesday, July 22nd. Wall Street Zen upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Weiss Ratings reissued a "buy (b)" rating on shares of Washington Trust Bancorp in a research note on Wednesday, September 2nd. Finally, Zacks Research raised shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Institutional Trading of Washington Trust Bancorp

A number of large investors have recently added to or reduced their stakes in WASH. Bank of America Corp DE acquired a new stake in Washington Trust Bancorp during the 2nd quarter worth about $4,312,000. Legal & General Group Plc purchased a new stake in Washington Trust Bancorp during the second quarter valued at about $507,000. Renaissance Technologies LLC boosted its holdings in shares of Washington Trust Bancorp by 108.6% in the first quarter. Renaissance Technologies LLC now owns 77,959 shares of the financial services provider's stock worth $2,609,000 after buying an additional 40,591 shares during the period. The Manufacturers Life Insurance Company acquired a new position in shares of Washington Trust Bancorp in the second quarter worth about $10,556,000. Finally, Ieq Capital LLC acquired a new position in shares of Washington Trust Bancorp in the second quarter worth about $1,344,000. 65.81% of the stock is currently owned by institutional investors.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community-focused financial institution headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States.

The company provides commercial, small-business, residential mortgage and consumer banking services. Its offerings include deposit accounts, commercial and consumer loans, residential mortgages, cash-management services, online and mobile banking, and other financial services for individuals, families and businesses.

Washington Trust also operates a wealth-management business that provides investment management, financial planning, trust administration, estate planning and related services.

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