Washington Trust Bancorp (NASDAQ:WASH) CFO Ronald Ohsberg Buys 1,606 Shares

Key Points

• CFO Ronald Ohsberg bought 1,606 shares on April 24 at an average price of $31.00 (total ~$49,786), raising his stake to 29,705 shares — a 5.72% increase disclosed in an SEC filing.
• The company pays a quarterly dividend of $0.56 ($2.24 annual), representing a 7.0% yield but with a high payout ratio of 82.05%, which may pressure future dividend sustainability.
• Washington Trust reported quarterly EPS of $0.66, missing the $0.77 estimate despite revenue beating expectations, and Wall Street consensus rates the stock as a "Hold" with an average target of $31.33.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) CFO Ronald Ohsberg bought 1,606 shares of the business's stock in a transaction that occurred on Friday, April 24th. The stock was purchased at an average cost of $31.00 per share, for a total transaction of $49,786.00. Following the completion of the transaction, the chief financial officer owned 29,705 shares in the company, valued at $920,855. This trade represents a 5.72% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ WASH traded up $0.34 during mid-day trading 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 debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. The company has a 50 day moving average of $33.69 and a two-hundred day moving average of $31.21. Washington Trust Bancorp, Inc. has a twelve month low of $25.23 and a twelve month high of $37.08. The firm has a market cap of $608.71 million, a PE ratio of 11.71, a PEG ratio of 0.66 and a beta of 0.81.

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

Washington Trust Bancorp Announces Dividend

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

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently modified their holdings of WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Washington Trust Bancorp by 17.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider's stock valued at $350,000 after acquiring an additional 1,708 shares during the period. Legal & General Group Plc lifted its stake in Washington Trust Bancorp by 8.1% in the 2nd quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider's stock valued at $546,000 after buying an additional 1,448 shares in the last quarter. Rhumbline Advisers lifted its stake in Washington Trust Bancorp by 9.8% in the 2nd quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider's stock valued at $847,000 after buying an additional 2,670 shares in the last quarter. Quantbot Technologies LP purchased a new position in Washington Trust Bancorp in the 2nd quarter valued at about $409,000. Finally, Invesco Ltd. lifted its stake in Washington Trust Bancorp by 3.0% in the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider's stock valued at $8,608,000 after buying an additional 8,938 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

About Washington Trust Bancorp

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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