Cwm LLC Acquires 6,741 Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Cwm LLC lifted its holdings in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 134.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,767 shares of the financial services provider’s stock after acquiring an additional 6,741 shares during the quarter. Cwm LLC owned approximately 0.06% of Washington Trust Bancorp worth $363,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in WASH. KLP Kapitalforvaltning AS bought a new stake in Washington Trust Bancorp in the 4th quarter valued at $97,000. State of Tennessee Department of Treasury bought a new stake in Washington Trust Bancorp in the 4th quarter valued at $131,000. Sanders Morris Harris LLC bought a new stake in Washington Trust Bancorp in the 1st quarter valued at $216,000. Aquatic Capital Management LLC bought a new stake in Washington Trust Bancorp in the 4th quarter valued at $229,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Washington Trust Bancorp by 3.4% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,643 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 319 shares during the period. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH opened at $27.56 on Friday. The stock has a market capitalization of $531.63 million, a PE ratio of -18.25, a P/E/G ratio of 0.96 and a beta of 0.90. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.03 and a quick ratio of 1.03. The business has a fifty day moving average price of $28.24 and a two-hundred day moving average price of $29.56. Washington Trust Bancorp, Inc. has a fifty-two week low of $24.95 and a fifty-two week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.05. The firm had revenue of $54.26 million during the quarter, compared to analysts’ expectations of $54.07 million. Washington Trust Bancorp had a positive return on equity of 9.14% and a negative net margin of 6.10%. During the same period in the previous year, the firm earned $0.63 EPS. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.24 annualized dividend and a yield of 8.13%. Washington Trust Bancorp’s dividend payout ratio is presently -148.34%.

Analysts Set New Price Targets

Several research firms recently issued reports on WASH. Piper Sandler downgraded Washington Trust Bancorp from a “neutral” rating to an “underweight” rating and set a $28.00 price target for the company. in a research note on Tuesday. Keefe, Bruyette & Woods reduced their price target on 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, Bank of America began coverage on Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a “neutral” rating and a $28.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $29.00.

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.