Edward Handy III Acquires 3,195 Shares of Washington Trust Bancorp (NASDAQ:WASH) Stock

Washington Trust Bancorp, Inc. (NASDAQ:WASH) CEO Edward Handy III acquired 3,195 shares of Washington Trust Bancorp stock in a transaction that occurred on Monday, April 27th. The shares were purchased at an average price of $31.32 per share, for a total transaction of $100,067.40. Following the completion of the purchase, the chief executive officer directly owned 51,442 shares of the company’s stock, valued at $1,611,163.44. The trade was a 6.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Washington Trust Bancorp Stock Performance

Shares of WASH opened at $31.02 on Thursday. The business’s fifty day moving average price is $33.53 and its 200 day moving average price is $31.24. Washington Trust Bancorp, Inc. has a 12-month low of $25.23 and a 12-month high of $37.08. The stock has a market capitalization of $590.62 million, a PE ratio of 11.36, a price-to-earnings-growth ratio of 0.68 and a beta of 0.81. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate 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 $98.35 million for the quarter, compared to the consensus estimate of $58.24 million. Equities research analysts forecast that Washington Trust Bancorp, Inc. will post 3.19 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were paid a dividend of $0.56 per share. The ex-dividend date was Wednesday, April 1st. This represents a $2.24 annualized dividend and a yield of 7.2%. Washington Trust Bancorp’s dividend payout ratio (DPR) is 82.05%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Keefe, Bruyette & Woods increased their target price on 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. Wall Street Zen lowered Washington Trust Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Zacks Research lowered Washington Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Weiss Ratings raised Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, April 21st. Finally, Piper Sandler assumed coverage on Washington Trust Bancorp in a research report on Monday, March 16th. They issued a “neutral” rating and a $32.00 target price on the stock. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $31.33.

Institutional Investors Weigh In On Washington Trust Bancorp

Large investors have recently added to or reduced their stakes in the stock. Foster Dykema Cabot & Partners LLC acquired a new stake in Washington Trust Bancorp in the third quarter worth $27,000. EverSource Wealth Advisors LLC increased its position in Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after buying an additional 542 shares during the period. Federated Hermes Inc. increased its position in 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 worth $60,000 after buying an additional 420 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Washington Trust Bancorp by 200.8% during 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 during the period. Finally, Russell Investments Group Ltd. increased its holdings 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 valued at $69,000 after purchasing an additional 1,869 shares during the period. 65.81% of the stock is 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.