Barrett & Company Inc. Increases Holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Barrett & Company Inc. increased its holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 20.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,694 shares of the financial services provider’s stock after purchasing an additional 787 shares during the period. Barrett & Company Inc.’s holdings in Washington Trust Bancorp were worth $151,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in shares of Washington Trust Bancorp by 7.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock valued at $22,642,000 after purchasing an additional 59,115 shares during the last quarter. Inspire Advisors LLC purchased a new stake in shares of Washington Trust Bancorp during the second quarter valued at $1,529,000. American Century Companies Inc. grew its holdings in shares of Washington Trust Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock worth $7,755,000 after purchasing an additional 40,122 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Washington Trust Bancorp by 56.6% during the second quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock valued at $2,979,000 after acquiring an additional 39,268 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Washington Trust Bancorp by 10.6% during the 1st quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock worth $7,834,000 after buying an additional 27,979 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ WASH traded up $0.55 during midday trading on Monday, reaching $34.77. 20,891 shares of the company were exchanged, compared to its average volume of 91,673. The company has a current ratio of 1.15, a quick ratio of 1.14 and a debt-to-equity ratio of 3.34. The stock has a market cap of $592.97 million, a P/E ratio of 12.63 and a beta of 0.79. The stock has a fifty day simple moving average of $32.09 and a 200 day simple moving average of $28.98. Washington Trust Bancorp, Inc. has a 1 year low of $22.19 and a 1 year high of $36.09.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.71% and a net margin of 11.24%. The company had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. During the same quarter in the prior year, the company earned $0.65 earnings per share. On average, research analysts forecast that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 6.44%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is currently 82.66%.

Analyst Ratings Changes

Separately, Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd.

Washington Trust Bancorp 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.