Charles Schwab Investment Management Inc. Trims Stock Position in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Charles Schwab Investment Management Inc. reduced its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 12.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 201,031 shares of the financial services provider’s stock after selling 29,653 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.18% of Washington Trust Bancorp worth $6,475,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake 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 worth $22,642,000 after purchasing an additional 59,115 shares during the period. American Century Companies Inc. grew its position in Washington Trust Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock worth $7,755,000 after buying an additional 40,122 shares during the period. Bank of New York Mellon Corp increased its holdings in Washington Trust Bancorp by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock valued at $4,094,000 after buying an additional 1,996 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Washington Trust Bancorp by 12.3% during the 2nd quarter. AQR Capital Management LLC now owns 136,141 shares of the financial services provider’s stock valued at $3,732,000 after acquiring an additional 14,910 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Washington Trust Bancorp by 56.6% during the 2nd quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock worth $2,979,000 after acquiring an additional 39,268 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH opened at $36.66 on Thursday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. The company has a market capitalization of $625.79 million, a price-to-earnings ratio of 13.73 and a beta of 0.79. Washington Trust Bancorp, Inc. has a twelve month low of $24.11 and a twelve month high of $40.59. The business has a 50 day simple moving average of $35.50 and a 200-day simple moving average of $31.45.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. The business had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. During the same period in the prior year, the company posted $0.65 EPS. As a group, equities research analysts expect that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current 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 given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 6.11%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s payout ratio is 83.90%.

Analyst Ratings Changes

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

About Washington Trust Bancorp

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.