Zacks Investment Management Invests $1.26 Million in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Zacks Investment Management purchased a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 39,070 shares of the financial services provider’s stock, valued at approximately $1,258,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WASH. Price T Rowe Associates Inc. MD increased its stake in shares of Washington Trust Bancorp by 4.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,672 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 615 shares in the last quarter. CWM LLC boosted its holdings in shares of Washington Trust Bancorp by 29.9% during the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 725 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Washington Trust Bancorp during the 2nd quarter worth approximately $232,000. Brown Lisle Cummings Inc. boosted its holdings in shares of Washington Trust Bancorp by 31.6% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 24,019 shares of the financial services provider’s stock worth $658,000 after purchasing an additional 5,774 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Washington Trust Bancorp by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock valued at $4,094,000 after acquiring an additional 1,996 shares during the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH opened at $36.32 on Tuesday. The firm has a market capitalization of $619.98 million, a PE ratio of 13.60 and a beta of 0.79. The business’s fifty day moving average price is $35.26 and its 200 day moving average price is $31.34. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. Washington Trust Bancorp, Inc. has a 12 month low of $24.11 and a 12 month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. The company had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same quarter last year, the company posted $0.65 earnings per share. On average, sell-side analysts anticipate that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.17%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is currently 83.90%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

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.