Ieq Capital LLC Takes $1.34 Million Position in Washington Trust Bancorp, Inc. $WASH

Ieq Capital LLC acquired a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,836 shares of the financial services provider’s stock, valued at approximately $1,344,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in Washington Trust Bancorp by 114.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 542 shares during the period. Allworth Financial LP acquired a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at about $50,000. Federated Hermes Inc. lifted its holdings in shares of Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 420 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Washington Trust Bancorp by 200.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after buying an additional 1,869 shares during the period. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on WASH. Piper Sandler increased their price objective on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Zacks Research raised Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 23rd. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Keefe, Bruyette & Woods boosted their price objective on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. Finally, Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Washington Trust Bancorp presently has a consensus rating of “Hold” and a consensus price target of $35.50.

Washington Trust Bancorp Stock Up 0.4%

NASDAQ:WASH opened at $39.73 on Thursday. Washington Trust Bancorp, Inc. has a twelve month low of $25.23 and a twelve month high of $40.50. The firm has a market capitalization of $757.65 million, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 0.90 and a beta of 0.72. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. The stock’s 50 day moving average price is $37.76 and its two-hundred day moving average price is $34.99.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%.The company had revenue of $60.47 million during the quarter, compared to the consensus estimate of $59.91 million. Equities research analysts expect that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were paid a $0.56 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a yield of 5.6%. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 77.78%.

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.