Washington Trust Bancorp, Inc. (NASDAQ:WASH) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 6.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,082 shares of the financial services provider’s stock after selling 2,716 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.22% of Washington Trust Bancorp worth $1,227,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its stake in Washington Trust Bancorp by 56.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 13,715 shares of the financial services provider’s stock valued at $442,000 after buying an additional 4,927 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Washington Trust Bancorp in the third quarter valued at approximately $209,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Washington Trust Bancorp in the third quarter worth approximately $347,000. Victory Capital Management Inc. grew its holdings in shares of Washington Trust Bancorp by 8.5% during the third quarter. Victory Capital Management Inc. now owns 21,800 shares of the financial services provider’s stock worth $702,000 after buying an additional 1,700 shares in the last quarter. Finally, Aptus Capital Advisors LLC grew its position in shares of Washington Trust Bancorp by 15.6% in the third quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock valued at $3,344,000 after purchasing an additional 14,028 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Stock Performance

Shares of Washington Trust Bancorp stock opened at $33.93 on Wednesday. Washington Trust Bancorp, Inc. has a 12 month low of $24.11 and a 12 month high of $40.59. The business has a 50-day moving average of $35.77 and a 200 day moving average of $31.68. The stock has a market capitalization of $579.02 million, a price-to-earnings ratio of 12.71 and a beta of 0.79. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10.

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 the consensus estimate of $0.56 by $0.08. The business had revenue of $103.86 million during 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 quarter in the previous year, the firm posted $0.65 earnings per share. As a group, sell-side analysts forecast that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.60%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp’s payout ratio is presently 83.90%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Piper Sandler upgraded 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. StockNews.com cut shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday.

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.