StockNews.com lowered shares of Washington Trust Bancorp (NASDAQ:WASH – Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday.
Separately, Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd.
View Our Latest Analysis on WASH
Washington Trust Bancorp Stock Performance
Washington Trust Bancorp (NASDAQ:WASH – Get Free Report) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating 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 period in the prior year, the company posted $0.65 EPS. Analysts expect that Washington Trust Bancorp will post 2.49 earnings per share for the current fiscal year.
Washington Trust Bancorp Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be paid a $0.56 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a yield of 7.48%. Washington Trust Bancorp’s dividend payout ratio (DPR) is 83.90%.
Institutional Trading of Washington Trust Bancorp
Large investors have recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D lifted its holdings in shares of Washington Trust Bancorp by 0.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock worth $2,375,000 after purchasing an additional 472 shares during the period. Rhumbline Advisers raised its position in Washington Trust Bancorp by 2.2% during the 2nd quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock worth $773,000 after buying an additional 618 shares during the last quarter. Inspire Advisors LLC lifted its stake in Washington Trust Bancorp by 1.3% during the 3rd quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock valued at $1,820,000 after acquiring an additional 733 shares during the period. Barrett & Company Inc. boosted its holdings in shares of Washington Trust Bancorp by 20.1% in the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 787 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Washington Trust Bancorp in the third quarter worth $32,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.
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.
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