BNP Paribas Financial Markets Increases Stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

BNP Paribas Financial Markets raised its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 56.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,715 shares of the financial services provider’s stock after acquiring an additional 4,927 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.08% of Washington Trust Bancorp worth $442,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WASH. CWM LLC grew its position in Washington Trust Bancorp by 29.9% during the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 725 shares during the last quarter. SG Americas Securities LLC purchased a new position in Washington Trust Bancorp during the second quarter valued at $232,000. Bank of New York Mellon Corp increased its position in shares of Washington Trust Bancorp by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock worth $4,094,000 after purchasing an additional 1,996 shares in the last quarter. IFG Advisory LLC purchased a new stake in shares of Washington Trust Bancorp during the second quarter worth $211,000. Finally, Aptus Capital Advisors LLC raised its holdings in Washington Trust Bancorp by 24.8% in the 2nd quarter. Aptus Capital Advisors LLC now owns 89,804 shares of the financial services provider’s stock valued at $2,462,000 after acquiring an additional 17,850 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Washington Trust Bancorp Stock Down 3.5 %

NASDAQ:WASH opened at $35.03 on Friday. Washington Trust Bancorp, Inc. has a 52 week low of $24.11 and a 52 week high of $40.59. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The stock’s fifty day moving average is $35.69 and its two-hundred day moving average is $31.58. The stock has a market capitalization of $597.96 million, a price-to-earnings ratio of 13.12 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.08. The firm had revenue of $103.86 million for the quarter, compared to the consensus estimate of $47.32 million. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. During the same period in the prior year, the firm earned $0.65 EPS. Research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued a $0.56 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.39%. Washington Trust Bancorp’s payout ratio is 83.90%.

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.