Washington Trust Bancorp (NASDAQ:WASH) EVP Sells $27,921.75 in Stock

Washington Trust Bancorp, Inc. (NASDAQ:WASH) EVP Rolando Lora sold 885 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $31.55, for a total value of $27,921.75. Following the sale, the executive vice president owned 11,292 shares of the company’s stock, valued at approximately $356,262.60. This trade represents a 7.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Washington Trust Bancorp Trading Up 0.7%

Shares of NASDAQ:WASH opened at $31.99 on Thursday. The stock’s 50-day simple moving average is $33.32 and its two-hundred day simple moving average is $31.39. The stock has a market capitalization of $609.09 million, a price-to-earnings ratio of 11.72, a PEG ratio of 0.76 and a beta of 0.73. Washington Trust Bancorp, Inc. has a 52-week low of $25.23 and a 52-week high of $37.08. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.11). Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.85%. The business had revenue of $57.83 million for the quarter, compared to analysts’ expectations of $58.24 million. Analysts expect that Washington Trust Bancorp, Inc. will post 3.09 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.0%. The ex-dividend date was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio is 82.05%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Foster Dykema Cabot & Partners LLC purchased a new stake in Washington Trust Bancorp during the third quarter valued at $27,000. EverSource Wealth Advisors LLC grew its stake in shares of 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 buying an additional 542 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of Washington Trust Bancorp by 24.6% in the 2nd 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 last quarter. Tower Research Capital LLC TRC raised its position in shares of Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after buying an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Washington Trust Bancorp by 367.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,869 shares in the last quarter. 65.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Weiss Ratings upgraded Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, April 21st. Zacks Research cut shares of Washington Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Piper Sandler assumed coverage on shares of Washington Trust Bancorp in a report on Monday, March 16th. They issued a “neutral” rating and a $32.00 price target on the stock. Wall Street Zen cut shares of Washington Trust Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, April 25th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 30th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $31.33.

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.