Washington Trust Bancorp, Inc. $WASH Stock Position Lifted by Geode Capital Management LLC

Geode Capital Management LLC grew its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 1.4% in the second quarter, Holdings Channel.com reports. The fund owned 473,378 shares of the financial services provider’s stock after buying an additional 6,570 shares during the period. Geode Capital Management LLC’s holdings in Washington Trust Bancorp were worth $13,389,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in WASH. Vanguard Group Inc. boosted its holdings in Washington Trust Bancorp by 8.3% in the first quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider’s stock worth $34,545,000 after purchasing an additional 86,062 shares during the period. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Washington Trust Bancorp by 27.4% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 386,110 shares of the financial services provider’s stock worth $11,915,000 after purchasing an additional 82,960 shares during the period. Invesco Ltd. lifted its position in shares of Washington Trust Bancorp by 39.3% in the 1st quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider’s stock worth $9,118,000 after buying an additional 83,311 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Washington Trust Bancorp by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 190,729 shares of the financial services provider’s stock valued at $5,886,000 after buying an additional 9,032 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of Washington Trust Bancorp by 9.0% during the 1st quarter. Wellington Management Group LLP now owns 168,800 shares of the financial services provider’s stock valued at $5,209,000 after buying an additional 14,000 shares during the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WASH has been the topic of several research reports. Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods increased their price target on Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 22nd. Finally, Piper Sandler cut their price target on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $28.33.

Washington Trust Bancorp Price Performance

NASDAQ WASH opened at $28.75 on Tuesday. The company has a 50-day moving average price of $27.81 and a two-hundred day moving average price of $28.29. Washington Trust Bancorp, Inc. has a 52 week low of $24.95 and a 52 week high of $37.60. The stock has a market cap of $547.26 million, a price-to-earnings ratio of -18.08, a price-to-earnings-growth ratio of 0.87 and a beta of 0.95. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, October 20th. The financial services provider reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.10. Washington Trust Bancorp had a positive return on equity of 8.97% and a negative net margin of 6.22%.The company had revenue of $56.47 million for the quarter, compared to analysts’ expectations of $56.39 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. Analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date was Wednesday, October 1st. Washington Trust Bancorp’s payout ratio is -140.88%.

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.