Corebridge Financial Inc. Grows Position in Washington Trust Bancorp, Inc. $WASH

Corebridge Financial Inc. boosted its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 11.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,380 shares of the financial services provider’s stock after purchasing an additional 960 shares during the period. Corebridge Financial Inc.’s holdings in Washington Trust Bancorp were worth $289,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. MetLife Investment Management LLC grew its position in Washington Trust Bancorp by 16.7% during the 1st quarter. MetLife Investment Management LLC now owns 11,170 shares of the financial services provider’s stock worth $345,000 after purchasing an additional 1,597 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in Washington Trust Bancorp by 27.4% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 386,110 shares of the financial services provider’s stock worth $11,915,000 after purchasing an additional 82,960 shares during the last quarter. Wellington Management Group LLP grew its position in Washington Trust Bancorp by 9.0% during the 1st quarter. Wellington Management Group LLP now owns 168,800 shares of the financial services provider’s stock worth $5,209,000 after purchasing an additional 14,000 shares during the last quarter. Nuveen LLC purchased a new stake in Washington Trust Bancorp during the 1st quarter worth approximately $2,944,000. Finally, Invesco Ltd. grew its position in Washington Trust Bancorp by 39.3% during the 1st quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider’s stock worth $9,118,000 after purchasing an additional 83,311 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

WASH opened at $29.99 on Monday. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.05 and a quick ratio of 1.04. The firm has a fifty day moving average price of $28.75 and a 200 day moving average price of $28.73. Washington Trust Bancorp, Inc. has a 1 year low of $24.95 and a 1 year high of $40.59. The stock has a market cap of $574.61 million, a P/E ratio of -19.86, a P/E/G ratio of 0.85 and a beta of 0.94.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share (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 firm had revenue of $54.26 million during the quarter, compared to analysts’ expectations of $54.07 million. During the same period in the previous year, the business posted $0.63 EPS. Equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.5%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp’s payout ratio is currently -148.34%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Bank of America assumed coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a “neutral” rating and a $28.00 price objective on the stock. Piper Sandler downgraded shares of Washington Trust Bancorp from a “neutral” rating to an “underweight” rating and set a $28.00 price objective on the stock. in a report on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $29.00.

About Washington Trust Bancorp

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.