Signaturefd LLC Trims Holdings in Washington Trust Bancorp, Inc. $WASH

Signaturefd LLC decreased its holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 12.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,134 shares of the financial services provider’s stock after selling 452 shares during the quarter. Signaturefd LLC’s holdings in Washington Trust Bancorp were worth $89,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Ransom Advisory Ltd bought a new stake in Washington Trust Bancorp during the first quarter worth about $40,000. Federated Hermes Inc. purchased a new position in shares of Washington Trust Bancorp during the first quarter valued at approximately $53,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Washington Trust Bancorp by 38.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,364 shares of the financial services provider’s stock worth $196,000 after acquiring an additional 1,757 shares during the period. Corebridge Financial Inc. grew its position in Washington Trust Bancorp by 11.4% during the first quarter. Corebridge Financial Inc. now owns 9,380 shares of the financial services provider’s stock valued at $289,000 after buying an additional 960 shares during the period. Finally, Shepherd Financial Partners LLC raised its holdings in Washington Trust Bancorp by 8.8% in the 1st quarter. Shepherd Financial Partners LLC now owns 10,167 shares of the financial services provider’s stock worth $314,000 after purchasing an additional 819 shares during the period. 65.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WASH. Piper Sandler cut shares of Washington Trust Bancorp from a “neutral” rating to an “underweight” rating and set a $28.00 target price on the stock. in a research note on Tuesday, July 22nd. Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $29.00.

Washington Trust Bancorp Trading Up 2.0%

Washington Trust Bancorp stock opened at $28.89 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94. Washington Trust Bancorp, Inc. has a 12 month low of $24.95 and a 12 month high of $40.59. The stock’s 50 day simple moving average is $28.91 and its two-hundred day simple moving average is $28.54. The firm has a market cap of $553.53 million, a PE ratio of -19.13, a P/E/G ratio of 0.82 and a beta of 0.91.

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

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date is Wednesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is -148.34%.

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.