Creative Planning Decreases Stock Holdings in Washington Trust Bancorp, Inc. $WASH

Creative Planning trimmed its holdings in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 32.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,225 shares of the financial services provider’s stock after selling 21,616 shares during the period. Creative Planning’s holdings in Washington Trust Bancorp were worth $1,251,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Washington Trust Bancorp by 8.3% in the 1st quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider’s stock worth $34,545,000 after acquiring an additional 86,062 shares during the last quarter. Geode Capital Management LLC boosted its stake in Washington Trust Bancorp by 1.4% during the second quarter. Geode Capital Management LLC now owns 473,378 shares of the financial services provider’s stock valued at $13,389,000 after buying an additional 6,570 shares during the period. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Washington Trust Bancorp by 27.4% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 386,110 shares of the financial services provider’s stock worth $11,915,000 after purchasing an additional 82,960 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Washington Trust Bancorp by 39.3% in the 1st quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider’s stock worth $9,118,000 after buying an additional 83,311 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Washington Trust Bancorp by 5.0% during the first quarter. AQR Capital Management LLC now owns 190,729 shares of the financial services provider’s stock valued at $5,886,000 after purchasing an additional 9,032 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Trading Down 0.8%

Washington Trust Bancorp stock opened at $28.35 on Friday. The business has a 50-day simple moving average of $27.83 and a two-hundred day simple moving average of $28.32. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94. The company has a market cap of $539.64 million, a P/E ratio of -17.83, a P/E/G ratio of 0.87 and a beta of 0.95. Washington Trust Bancorp, Inc. has a 52-week low of $24.95 and a 52-week high of $37.81.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, October 20th. The financial services provider reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.10. Washington Trust Bancorp had a negative net margin of 6.22% and a positive return on equity of 8.97%. The business had revenue of $56.47 million for the quarter, compared to the consensus estimate of $56.39 million. During the same period last year, the firm earned $0.64 earnings per share. Analysts predict that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Wednesday, October 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 7.9%. The ex-dividend date of this dividend was Wednesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is currently -140.88%.

Analysts Set New Price Targets

WASH has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, October 8th. Finally, Piper Sandler cut their price target on shares of Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $28.33.

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.