Janney Montgomery Scott LLC Grows Stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Janney Montgomery Scott LLC lifted its holdings in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get Rating) by 13.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,770 shares of the financial services provider’s stock after acquiring an additional 930 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Washington Trust Bancorp were worth $361,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of WASH. Captrust Financial Advisors increased its position in shares of Washington Trust Bancorp by 16,450.0% during the second quarter. Captrust Financial Advisors now owns 662 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 658 shares during the last quarter. Great West Life Assurance Co. Can increased its position in shares of Washington Trust Bancorp by 27.2% during the first quarter. Great West Life Assurance Co. Can now owns 1,530 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 327 shares during the last quarter. Amalgamated Bank purchased a new stake in shares of Washington Trust Bancorp during the first quarter worth about $108,000. TIAA FSB purchased a new stake in shares of Washington Trust Bancorp during the second quarter worth about $209,000. Finally, Fundamentun LLC purchased a new stake in shares of Washington Trust Bancorp during the third quarter worth about $211,000. 71.23% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Stock Down 0.5 %

NASDAQ:WASH opened at $47.35 on Wednesday. The company has a market capitalization of $813.52 million, a price-to-earnings ratio of 10.99 and a beta of 0.76. Washington Trust Bancorp, Inc. has a one year low of $45.60 and a one year high of $59.29. The stock has a 50-day simple moving average of $48.07 and a 200 day simple moving average of $49.38. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.98 and a current ratio of 0.98.

Washington Trust Bancorp (NASDAQ:WASH – Get Rating) last posted its quarterly earnings results on Monday, October 24th. The financial services provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Washington Trust Bancorp had a return on equity of 15.15% and a net margin of 30.94%. The business had revenue of $57.85 million during the quarter, compared to the consensus estimate of $54.80 million. During the same period last year, the firm earned $1.07 earnings per share. Sell-side analysts predict that Washington Trust Bancorp, Inc. will post 4.17 EPS for the current fiscal year.

Washington Trust Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 6th. Shareholders of record on Tuesday, January 3rd were paid a $0.56 dividend. This is an increase from Washington Trust Bancorp’s previous quarterly dividend of $0.54. This represents a $2.24 dividend on an annualized basis and a yield of 4.73%. The ex-dividend date of this dividend was Friday, December 30th. Washington Trust Bancorp’s payout ratio is presently 51.97%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Compass Point lowered Washington Trust Bancorp from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $60.00 to $49.00 in a research report on Tuesday, October 25th. Piper Sandler decreased their price target on Washington Trust Bancorp to $53.00 in a research note on Wednesday, October 5th. Finally, StockNews.com started coverage on Washington Trust Bancorp in a research note on Wednesday, October 12th. They issued a “hold” rating for the company.

About Washington Trust Bancorp

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Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers 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 provides various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; 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.