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

The Manufacturers Life Insurance Company lifted its position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 6,117.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 2.10% of Washington Trust Bancorp worth $12,658,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Washington Trust Bancorp by 10.6% during the 4th quarter. Vanguard Group Inc. now owns 1,033,333 shares of the financial services provider's stock worth $32,395,000 after buying an additional 98,802 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Washington Trust Bancorp by 6.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 932,056 shares of the financial services provider's stock worth $29,220,000 after acquiring an additional 58,176 shares during the period. Geode Capital Management LLC lifted its position in Washington Trust Bancorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 414,527 shares of the financial services provider's stock valued at $12,999,000 after acquiring an additional 2,181 shares in the last quarter. American Century Companies Inc. boosted its stake in Washington Trust Bancorp by 1.2% in the 4th quarter. American Century Companies Inc. now owns 325,169 shares of the financial services provider's stock worth $10,194,000 after purchasing an additional 3,697 shares during the period. Finally, Franklin Resources Inc. acquired a new position in Washington Trust Bancorp in the 4th quarter worth $6,824,000. Institutional investors and hedge funds own 65.81% of the company's stock.

Analyst Upgrades and Downgrades

WASH has been the topic of a number of research reports. Seaport Res Ptn upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, March 14th. Keefe, Bruyette & Woods cut 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 note on Tuesday, April 22nd. Finally, StockNews.com raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, January 31st.

Washington Trust Bancorp Stock Down 0.7 %

Shares of NASDAQ WASH traded down $0.21 during mid-day trading on Friday, hitting $28.38. The company had a trading volume of 89,746 shares, compared to its average volume of 146,950. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm has a 50-day simple moving average of $28.75 and a two-hundred day simple moving average of $32.09. The company has a market capitalization of $547.05 million, a PE ratio of -18.31 and a beta of 0.89. Washington Trust Bancorp, Inc. has a one year low of $24.70 and a one year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $53.16 million. On average, equities analysts expect that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

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

About Washington Trust Bancorp

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.