State Street Corp Decreases Stock Holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

State Street Corp reduced its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 3.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 514,641 shares of the financial services provider’s stock after selling 18,430 shares during the period. State Street Corp owned 3.01% of Washington Trust Bancorp worth $16,577,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Barrett & Company Inc. boosted its stake in 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 valued at $151,000 after acquiring an additional 787 shares in the last quarter. CWM LLC boosted its position in shares of Washington Trust Bancorp by 60.5% in 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 in the last quarter. Sanders Morris Harris LLC purchased a new position in Washington Trust Bancorp during the 3rd quarter worth $206,000. The Manufacturers Life Insurance Company acquired a new position in Washington Trust Bancorp during the 3rd quarter valued at about $209,000. Finally, IFG Advisory LLC purchased a new stake in Washington Trust Bancorp in the second quarter valued at about $211,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

Shares of WASH opened at $31.77 on Wednesday. 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 stock has a 50-day moving average of $35.75 and a two-hundred day moving average of $31.94. The stock has a market cap of $611.79 million, a P/E ratio of 11.90 and a beta of 0.79. Washington Trust Bancorp, Inc. has a one year low of $24.11 and a one year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last released its 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 firm had revenue of $103.86 million during the quarter, compared to the consensus estimate of $47.32 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. As a group, research analysts predict that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be paid 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 dividend yield of 7.05%. Washington Trust Bancorp’s payout ratio is currently 83.90%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WASH. Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd. StockNews.com downgraded shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, December 17th.

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.