Invesco Ltd. Increases Stock Holdings in Washington Trust Bancorp, Inc. $WASH

Invesco Ltd. lifted its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 39.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 295,462 shares of the financial services provider’s stock after purchasing an additional 83,311 shares during the quarter. Invesco Ltd. owned about 1.53% of Washington Trust Bancorp worth $9,118,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Federated Hermes Inc. purchased a new stake in shares of Washington Trust Bancorp in the first quarter valued at about $53,000. State of Tennessee Department of Treasury purchased a new position in Washington Trust Bancorp during the fourth quarter worth about $131,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Washington Trust Bancorp by 38.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,364 shares of the financial services provider’s stock worth $196,000 after buying an additional 1,757 shares during the period. Sanders Morris Harris LLC purchased a new position in Washington Trust Bancorp during the first quarter worth about $216,000. Finally, Aquatic Capital Management LLC purchased a new position in Washington Trust Bancorp during the fourth quarter worth about $229,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Trading Up 5.8%

NASDAQ WASH opened at $29.71 on Monday. The firm has a 50 day simple moving average of $28.20 and a 200-day simple moving average of $28.91. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.04 and a current ratio of 1.05. Washington Trust Bancorp, Inc. has a one year low of $24.95 and a one year high of $40.59. The firm has a market cap of $569.24 million, a price-to-earnings ratio of -19.68, a PEG ratio of 0.85 and a beta of 0.91.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.63 by $0.05. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. The business had revenue of $54.26 million during the quarter, compared to analyst estimates of $54.07 million. During the same quarter last year, the firm posted $0.63 earnings per share. Equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.24 annualized dividend and a dividend yield of 7.5%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently -148.34%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on WASH. Piper Sandler lowered shares of Washington Trust Bancorp from a “neutral” rating to an “underweight” rating and set a $28.00 target price for the company. in a research note on Tuesday, July 22nd. Bank of America began coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a “neutral” rating and a $28.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price 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.