The Manufacturers Life Insurance Company Acquires 397,255 Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH)

The Manufacturers Life Insurance Company boosted its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 6,117.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 403,749 shares of the financial services provider's stock after purchasing an additional 397,255 shares during the quarter. The Manufacturers Life Insurance Company owned about 2.10% of Washington Trust Bancorp worth $12,658,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kestra Private Wealth Services LLC grew its position in Washington Trust Bancorp by 1.5% in the 4th quarter. Kestra Private Wealth Services LLC now owns 36,015 shares of the financial services provider's stock valued at $1,129,000 after buying an additional 544 shares in the last quarter. SG Americas Securities LLC boosted its holdings in shares of Washington Trust Bancorp by 5.9% in the fourth quarter. SG Americas Securities LLC now owns 12,229 shares of the financial services provider's stock valued at $383,000 after acquiring an additional 682 shares in the last quarter. Essex Financial Services Inc. increased its stake in shares of Washington Trust Bancorp by 10.9% during the fourth quarter. Essex Financial Services Inc. now owns 7,366 shares of the financial services provider's stock valued at $231,000 after acquiring an additional 726 shares during the period. LPL Financial LLC raised its holdings in Washington Trust Bancorp by 4.2% during the fourth quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock worth $573,000 after purchasing an additional 738 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Washington Trust Bancorp in the third quarter worth approximately $32,000. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ:WASH traded down $0.21 during trading on Friday, reaching $28.38. The stock had a trading volume of 89,746 shares, compared to its average volume of 146,620. The stock has a fifty day simple moving average of $28.75 and a two-hundred day simple moving average of $32.12. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp, Inc. has a 52 week low of $24.70 and a 52 week high of $40.59. The firm has a market capitalization of $547.05 million, a price-to-earnings ratio of -18.31 and a beta of 0.89.

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

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a $0.56 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $2.24 annualized dividend and a dividend yield of 7.89%. Washington Trust Bancorp's dividend payout ratio is currently -143.59%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WASH. Seaport Res Ptn upgraded shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 14th. StockNews.com upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Friday, January 31st. Finally, Keefe, Bruyette & Woods dropped their price target on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a report on Tuesday, April 22nd.

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.