Washington Trust Bancorp, Inc. (NASDAQ:WASH) Stock Holdings Lifted by GAMMA Investing LLC

GAMMA Investing LLC increased its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 4,346.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,541 shares of the financial services provider’s stock after purchasing an additional 16,169 shares during the quarter. GAMMA Investing LLC owned approximately 0.09% of Washington Trust Bancorp worth $536,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in WASH. The Manufacturers Life Insurance Company boosted its holdings in shares of Washington Trust Bancorp by 6,117.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider’s stock worth $12,658,000 after purchasing an additional 397,255 shares during the period. Millennium Management LLC boosted its holdings in shares of Washington Trust Bancorp by 3,240.0% during the fourth quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider’s stock worth $7,096,000 after purchasing an additional 219,578 shares during the period. Franklin Resources Inc. acquired a new stake in shares of Washington Trust Bancorp during the fourth quarter worth approximately $6,824,000. Wellington Management Group LLP acquired a new stake in shares of Washington Trust Bancorp during the fourth quarter worth approximately $4,853,000. Finally, Soros Fund Management LLC acquired a new stake in shares of Washington Trust Bancorp during the fourth quarter worth approximately $4,232,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Price Performance

NASDAQ WASH opened at $26.91 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $519.09 million, a PE ratio of -17.25, a price-to-earnings-growth ratio of 0.84 and a beta of 0.91. The company has a 50 day moving average price of $27.86 and a two-hundred day moving average price of $30.44. Washington Trust Bancorp, Inc. has a 12-month low of $24.95 and a 12-month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.01). Washington Trust Bancorp had a negative net margin of 6.60% and a positive return on equity of 8.82%. The business had revenue of $59.07 million during the quarter, compared to analyst estimates of $53.16 million. As a group, equities analysts predict that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 8.32%. The ex-dividend date is Tuesday, July 1st. Washington Trust Bancorp’s dividend payout ratio is currently -143.59%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Bank of America assumed coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They set a “neutral” rating and a $28.00 price target for the company. Keefe, Bruyette & Woods reduced their target price on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a “market perform” rating for the company in a research note on Tuesday, April 22nd. Finally, Seaport Res Ptn upgraded shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 14th. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Washington Trust Bancorp presently has an average rating of “Hold” and a consensus target price of $31.00.

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.