Washington Trust Bancorp (NASDAQ:WASH) EVP Rolando Lora Sells 885 Shares

Key Points

• EVP Rolando Lora sold 885 shares on April 30 at an average price of $31.55 for $27,921.75, cutting his stake by 7.27% to 11,292 shares (about $356,263), per an SEC filing.
• Quarterly results missed expectations—EPS $0.66 vs. $0.77 estimate and revenue $57.83M slightly below forecasts—and the company pays a quarterly dividend of $0.56 (annualized $2.24) for a 7.1% yield with an 82% payout ratio.
• Analyst/market view: WASH trades near $31.40 with a $597.9M market cap, an average "Hold" consensus and a $31.33 price target, reflecting mixed analyst coverage (one Buy, four Hold).

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) EVP Rolando Lora sold 885 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total transaction of $27,921.75. Following the sale, the executive vice president directly owned 11,292 shares in the company, valued at $356,262.60. This trade represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Washington Trust Bancorp Stock Performance

NASDAQ WASH traded down $0.54 during mid-day trading on Monday, reaching $31.40. 98,788 shares of the stock were exchanged, compared to its average volume of 173,625. The business's 50 day moving average is $33.45 and its 200-day moving average is $31.31. Washington Trust Bancorp, Inc. has a 1 year low of $25.23 and a 1 year high of $37.08. The company has a market capitalization of $597.86 million, a P/E ratio of 11.50, a P/E/G ratio of 0.68 and a beta of 0.73. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.77 by ($0.11). Washington Trust Bancorp had a return on equity of 9.85% and a net margin of 13.71%.The firm had revenue of $57.83 million for the quarter, compared to analysts' expectations of $58.24 million. On average, equities research analysts forecast that Washington Trust Bancorp, Inc. will post 3.19 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $2.24 dividend on an annualized basis and a yield of 7.1%. Washington Trust Bancorp's dividend payout ratio is 82.05%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Weiss Ratings raised shares of Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. Piper Sandler began coverage on shares of Washington Trust Bancorp in a research report on Monday, March 16th. They set a "neutral" rating and a $32.00 price objective for the company. Zacks Research cut shares of Washington Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Keefe, Bruyette & Woods upped their price objective on shares of 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. Finally, Wall Street Zen cut shares of Washington Trust Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, April 25th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Washington Trust Bancorp has an average rating of "Hold" and a consensus price target of $31.33.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of large investors have recently added to or reduced their stakes in WASH. Vanguard Group Inc. raised its position in shares of Washington Trust Bancorp by 0.7% in the third quarter. Vanguard Group Inc. now owns 1,140,227 shares of the financial services provider's stock valued at $32,953,000 after buying an additional 7,641 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Washington Trust Bancorp by 13.2% in the fourth quarter. Franklin Resources Inc. now owns 634,333 shares of the financial services provider's stock valued at $18,745,000 after buying an additional 74,145 shares during the last quarter. Invesco Ltd. raised its position in shares of Washington Trust Bancorp by 3.0% in the second 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 during the last quarter. Drexel Morgan & Co. raised its position in shares of Washington Trust Bancorp by 19.9% in the fourth quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider's stock valued at $8,889,000 after buying an additional 50,000 shares during the last quarter. Finally, First Horizon Corp acquired a new stake in shares of Washington Trust Bancorp in the first quarter valued at about $9,912,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

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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