The Manufacturers Life Insurance Company Acquires New Shares in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

The Manufacturers Life Insurance Company bought a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,494 shares of the financial services provider’s stock, valued at approximately $209,000.

Several other institutional investors also recently bought and sold shares of the stock. State of New Jersey Common Pension Fund D boosted its stake in shares of Washington Trust Bancorp by 0.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock worth $2,375,000 after acquiring an additional 472 shares in the last quarter. Rhumbline Advisers boosted its position in Washington Trust Bancorp by 2.2% during the second quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 618 shares during the period. CWM LLC grew its holdings in Washington Trust Bancorp by 29.9% during the second quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after purchasing an additional 725 shares during the last quarter. Inspire Advisors LLC raised its position in shares of Washington Trust Bancorp by 1.3% in the third quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock valued at $1,820,000 after purchasing an additional 733 shares during the period. Finally, Barrett & Company Inc. lifted its stake in shares of Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after buying an additional 787 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Price Performance

Shares of NASDAQ:WASH opened at $34.81 on Tuesday. The company has a market cap of $594.03 million, a price-to-earnings ratio of 13.04 and a beta of 0.79. The business has a 50 day moving average price of $35.77 and a 200 day moving average price of $31.68. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp, Inc. has a twelve month low of $24.11 and a twelve month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data 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. The company had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same period in the prior year, the business earned $0.65 earnings per share. Research analysts predict that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.56 per share. The ex-dividend date was Tuesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.43%. Washington Trust Bancorp’s payout ratio is 83.90%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $30.00 to $34.00 in a report 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.