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

Charles Schwab Investment Management Inc. cut its position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 14.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 171,506 shares of the financial services provider’s stock after selling 29,525 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.89% of Washington Trust Bancorp worth $5,377,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in Washington Trust Bancorp in the 4th quarter valued at $1,955,000. Zacks Investment Management purchased a new stake in shares of Washington Trust Bancorp during the third quarter valued at $1,258,000. JPMorgan Chase & Co. grew its holdings in shares of Washington Trust Bancorp by 60.0% in the third quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock worth $2,150,000 after purchasing an additional 25,029 shares during the last quarter. Jane Street Group LLC increased its stake in Washington Trust Bancorp by 95.6% in the 3rd quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock worth $1,180,000 after buying an additional 17,906 shares during the period. Finally, Barclays PLC lifted its holdings in Washington Trust Bancorp by 44.9% during the 3rd quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock valued at $1,717,000 after buying an additional 16,511 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on WASH. Seaport Res Ptn raised shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 14th. StockNews.com upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st.

Washington Trust Bancorp Price Performance

NASDAQ WASH opened at $31.76 on Wednesday. The company has a market cap of $612.21 million, a PE ratio of -20.49 and a beta of 0.80. Washington Trust Bancorp, Inc. has a 52-week low of $24.11 and a 52-week high of $40.59. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The firm’s 50 day moving average price is $31.92 and its 200-day moving average price is $33.13.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. Sell-side analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.05%. The ex-dividend date is Tuesday, April 1st. Washington Trust Bancorp’s payout ratio is currently -144.52%.

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.