Janney Montgomery Scott LLC Sells 2,918 Shares of Washington Trust Bancorp, Inc. $WASH

Janney Montgomery Scott LLC lowered its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 27.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,886 shares of the financial services provider’s stock after selling 2,918 shares during the period. Janney Montgomery Scott LLC’s holdings in Washington Trust Bancorp were worth $223,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in WASH. Nuveen LLC bought a new stake in shares of Washington Trust Bancorp in the 1st quarter valued at $2,944,000. Vanguard Group Inc. increased its holdings in Washington Trust Bancorp by 8.3% during the 1st quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider’s stock worth $34,545,000 after purchasing an additional 86,062 shares in the last quarter. Invesco Ltd. increased its holdings 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 in the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings 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 in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Washington Trust Bancorp by 31.1% during the 1st quarter. Bank of New York Mellon Corp now owns 135,403 shares of the financial services provider’s stock worth $4,179,000 after purchasing an additional 32,088 shares in the last quarter. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Up 3.8%

Washington Trust Bancorp stock opened at $26.84 on Tuesday. The firm has a market capitalization of $514.25 million, a PE ratio of -17.77, a P/E/G ratio of 0.84 and a beta of 0.91. The company’s 50-day moving average is $28.91 and its 200-day moving average is $28.27. Washington Trust Bancorp, Inc. has a fifty-two week low of $24.95 and a fifty-two week high of $40.59. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.05 and a quick ratio of 1.04.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, October 20th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.10. 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 $56.47 million during the quarter, compared to the consensus estimate of $56.39 million. During the same period last year, the business posted $0.64 EPS. Sell-side analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st were paid a $0.56 dividend. The ex-dividend date was Wednesday, October 1st. This represents a $2.24 annualized dividend and a yield of 8.3%. Washington Trust Bancorp’s dividend payout ratio is currently -148.34%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on WASH shares. Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, October 8th. Piper Sandler lowered their target price on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating for the company in a report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Washington Trust Bancorp currently has a consensus rating of “Hold” and a consensus price target of $28.67.

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.