Soros Fund Management LLC Purchases New Stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Soros Fund Management LLC purchased a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 135,000 shares of the financial services provider’s stock, valued at approximately $4,232,000. Soros Fund Management LLC owned approximately 0.70% of Washington Trust Bancorp as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Washington Trust Bancorp by 10.6% during the fourth quarter. Vanguard Group Inc. now owns 1,033,333 shares of the financial services provider’s stock worth $32,395,000 after acquiring an additional 98,802 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Washington Trust Bancorp by 6.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 932,056 shares of the financial services provider’s stock worth $29,220,000 after acquiring an additional 58,176 shares in the last quarter. Geode Capital Management LLC raised its stake in Washington Trust Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 414,527 shares of the financial services provider’s stock worth $12,999,000 after acquiring an additional 2,181 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in Washington Trust Bancorp by 6,117.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider’s stock worth $12,658,000 after acquiring an additional 397,255 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Washington Trust Bancorp by 1.2% during the fourth quarter. American Century Companies Inc. now owns 325,169 shares of the financial services provider’s stock worth $10,194,000 after acquiring an additional 3,697 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Price Performance

WASH stock opened at $27.83 on Tuesday. The firm has a market cap of $536.45 million, a price-to-earnings ratio of -17.95 and a beta of 0.76. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp, Inc. has a 12-month low of $24.70 and a 12-month high of $40.59. The company’s fifty day simple moving average is $29.36 and its 200 day simple moving average is $32.42.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.01). Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. The company had revenue of $59.07 million during the quarter, compared to the consensus estimate of $53.16 million. On average, analysts expect that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 8.05%. The ex-dividend date of this dividend was Tuesday, April 1st. Washington Trust Bancorp’s payout ratio is presently -143.59%.

Analyst Ratings Changes

WASH has been the subject of several recent research reports. Seaport Res Ptn raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 14th. Keefe, Bruyette & Woods cut their price target on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a “market perform” rating on the stock in a report on Tuesday, April 22nd. Finally, StockNews.com upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 31st.

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.