JPMorgan Chase & Co. Raises Holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

JPMorgan Chase & Co. boosted its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 60.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,737 shares of the financial services provider’s stock after purchasing an additional 25,029 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.35% of Washington Trust Bancorp worth $2,150,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB purchased a new stake in Washington Trust Bancorp during the 3rd quarter worth about $32,000. Barrett & Company Inc. boosted its position in shares of Washington Trust Bancorp by 20.1% during the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $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% during the 3rd quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock worth $163,000 after acquiring an additional 1,902 shares in the last quarter. Sanders Morris Harris LLC acquired a new position in shares of Washington Trust Bancorp during the 3rd quarter worth about $206,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Washington Trust Bancorp during the 3rd quarter worth about $209,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on WASH shares. Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $30.00 to $34.00 in a research report on Tuesday, October 22nd. StockNews.com cut Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday.

Washington Trust Bancorp Stock Up 0.0 %

Shares of NASDAQ WASH opened at $32.84 on Wednesday. The stock has a market cap of $632.50 million, a PE ratio of 12.30 and a beta of 0.81. 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 52-week low of $24.11 and a 52-week high of $40.59. The business has a 50-day moving average price of $34.07 and a 200 day moving average price of $32.69.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The firm 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 firm earned $0.65 EPS. Equities research analysts forecast that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were given a $0.56 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.82%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

Washington Trust Bancorp Company 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.