Empowered Funds LLC Makes New $2.99 Million Investment in Washington Trust Bancorp, Inc. $WASH

Empowered Funds LLC acquired a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 83,331 shares of the financial services provider’s stock, valued at approximately $2,993,000.

A number of other hedge funds also recently bought and sold shares of WASH. EverSource Wealth Advisors LLC increased its position in shares of 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 acquiring an additional 542 shares in the last quarter. Allworth Financial LP purchased a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at approximately $50,000. State of Wyoming purchased a new stake in shares of Washington Trust Bancorp in the 1st quarter valued at approximately $70,000. Federated Hermes Inc. boosted its stake in 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 purchasing an additional 420 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in Washington Trust Bancorp by 200.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 1,578 shares during the period. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Stock Up 2.3%

WASH stock opened at $39.46 on Thursday. Washington Trust Bancorp, Inc. has a 12-month low of $25.23 and a 12-month high of $40.50. 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 company has a market cap of $752.50 million, a price-to-earnings ratio of 13.70, a PEG ratio of 0.88 and a beta of 0.70. The company has a 50 day moving average of $38.16 and a two-hundred day moving average of $35.10.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results 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 net margin of 14.50% and a return on equity of 10.18%. The business had revenue of $60.47 million for the quarter, compared to analysts’ expectations of $59.91 million. On average, equities analysts anticipate that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a yield of 5.7%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 77.78%.

Analysts Set New Price Targets

Several research firms have weighed in on WASH. Keefe, Bruyette & Woods lifted 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. Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Piper Sandler raised their target price on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Zacks Research upgraded Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, July 23rd. Finally, Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $35.50.

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.