JPMorgan Chase & Co. Buys 49,871 Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH)

JPMorgan Chase & Co. increased its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 74.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,608 shares of the financial services provider's stock after purchasing an additional 49,871 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.61% of Washington Trust Bancorp worth $3,656,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of WASH. Prudential Financial Inc. increased its position in shares of Washington Trust Bancorp by 1,154.4% in the fourth quarter. Prudential Financial Inc. now owns 86,729 shares of the financial services provider's stock worth $2,719,000 after acquiring an additional 79,815 shares in the last quarter. Vanguard Group Inc. grew its position 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 purchasing an additional 98,802 shares in the last quarter. Napatree Capital LLC raised its stake in Washington Trust Bancorp by 2.2% during the 4th quarter. Napatree Capital LLC now owns 55,773 shares of the financial services provider's stock valued at $1,748,000 after purchasing an additional 1,180 shares during the period. LPL Financial LLC lifted its holdings in shares of Washington Trust Bancorp by 4.2% in the fourth quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock valued at $573,000 after purchasing an additional 738 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Washington Trust Bancorp in the fourth quarter worth $97,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on WASH. Keefe, Bruyette & Woods reduced their price objective on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating for the company in a research note on Tuesday. 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, StockNews.com raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, January 31st.

Washington Trust Bancorp Stock Down 1.3 %

NASDAQ WASH traded down $0.37 on Friday, reaching $27.67. The stock had a trading volume of 13,350 shares, compared to its average volume of 143,555. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp, Inc. has a 1 year low of $24.70 and a 1 year high of $40.59. The business has a 50 day moving average price of $29.56 and a 200 day moving average price of $32.46. The company has a market capitalization of $533.35 million, a price-to-earnings ratio of -17.85 and a beta of 0.76.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly 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). The firm had revenue of $59.07 million during the quarter, compared to the consensus estimate of $53.16 million. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. On average, analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were issued a dividend of $0.56 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 8.10%. 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.