Washington Trust Bancorp (NASDAQ:WASH) EVP Buys $997,440.00 in Stock

Key Points

• EVP stock purchase: Executive Vice President James Cannon Brown bought 32,000 shares on April 23 at $31.17 each for $997,440, raising his direct stake to 37,280 shares (a 606.06% increase).
• Quarterly results: Washington Trust reported $0.66 EPS, missing the $0.77 consensus, while revenue was $98.35 million; the company posted a 13.7% net margin and 9.85% ROE.
• Dividend yield: The bank paid a $0.56 quarterly dividend ($2.24 annualized), implying a 7.1% yield with a payout ratio of about 82.05%.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) EVP James Cannon Brown acquired 32,000 shares of the stock in a transaction dated Thursday, April 23rd. The stock was bought at an average price of $31.17 per share, with a total value of $997,440.00. Following the purchase, the executive vice president directly owned 37,280 shares in the company, valued at $1,162,017.60. This represents a 606.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Washington Trust Bancorp Trading Up 2.7%

Shares of NASDAQ:WASH traded up $0.82 during mid-day trading on Monday, hitting $31.63. The company had a trading volume of 312,874 shares, compared to its average volume of 169,215. The firm has a fifty day moving average price of $33.77 and a 200 day moving average price of $31.17. The company has a market capitalization of $602.24 million, a PE ratio of 11.59, a price-to-earnings-growth ratio of 0.66 and a beta of 0.81. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99. Washington Trust Bancorp, Inc. has a one year low of $25.23 and a one year high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.85%. As a group, research analysts forecast that Washington Trust Bancorp, Inc. will post 3.19 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were paid a $0.56 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $2.24 annualized dividend and a dividend yield of 7.1%. Washington Trust Bancorp's payout ratio is currently 82.05%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WASH. Weiss Ratings upgraded shares of Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, April 21st. Keefe, Bruyette & Woods lifted their price target on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a "market perform" rating in a research report on Friday, January 30th. Zacks Research downgraded shares of Washington Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Piper Sandler initiated coverage on shares of Washington Trust Bancorp in a research report on Monday, March 16th. They issued a "neutral" rating and a $32.00 price target for the company. Finally, Wall Street Zen downgraded shares of 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 issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $31.33.

Institutional Trading of Washington Trust Bancorp

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Washington Trust Bancorp by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,140,227 shares of the financial services provider's stock valued at $32,953,000 after purchasing an additional 7,641 shares during the period. Franklin Resources Inc. boosted its holdings in Washington Trust Bancorp by 13.2% during the 4th quarter. Franklin Resources Inc. now owns 634,333 shares of the financial services provider's stock worth $18,745,000 after acquiring an additional 74,145 shares during the last quarter. Invesco Ltd. boosted its holdings in Washington Trust Bancorp by 3.0% during the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider's stock worth $8,608,000 after acquiring an additional 8,938 shares during the last quarter. Drexel Morgan & Co. boosted its holdings in Washington Trust Bancorp by 19.9% during the 4th quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider's stock worth $8,889,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Washington Trust Bancorp by 16.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 267,595 shares of the financial services provider's stock worth $7,907,000 after acquiring an additional 36,937 shares during the last quarter. Institutional investors and hedge funds own 65.81% of the company's stock.

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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