Geode Capital Management LLC Has $13.28 Million Stock Holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Geode Capital Management LLC lessened its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 0.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 412,346 shares of the financial services provider’s stock after selling 794 shares during the quarter. Geode Capital Management LLC owned approximately 2.42% of Washington Trust Bancorp worth $13,284,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Barrett & Company Inc. raised its position in Washington Trust Bancorp by 20.1% in the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after buying an additional 787 shares during the last quarter. CWM LLC increased its position in shares of Washington Trust Bancorp by 60.5% during the 3rd quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock worth $163,000 after purchasing an additional 1,902 shares during the last quarter. Sanders Morris Harris LLC acquired a new position in shares of Washington Trust Bancorp during the 3rd quarter worth approximately $206,000. The Manufacturers Life Insurance Company acquired a new position in shares of Washington Trust Bancorp during the 3rd quarter worth approximately $209,000. Finally, IFG Advisory LLC acquired a new position in shares of Washington Trust Bancorp during the 2nd quarter worth approximately $211,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH opened at $31.11 on Tuesday. The stock has a fifty day moving average price of $35.62 and a 200-day moving average price of $32.06. The company has a market cap of $599.09 million, a price-to-earnings ratio of 11.65 and a beta of 0.79. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. Washington Trust Bancorp, Inc. has a fifty-two week low of $24.11 and a fifty-two week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 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 company had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. During the same quarter in the previous year, the firm earned $0.65 EPS. As a group, equities analysts anticipate that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be issued a $0.56 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a yield of 7.20%. Washington Trust Bancorp’s payout ratio is presently 83.90%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. StockNews.com lowered Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, December 26th. Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and boosted their price target for the company 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.