Washington Trust Bancorp (NASDAQ:WASH) EVP Sells $27,921.75 in Stock

Washington Trust Bancorp, Inc. (NASDAQ:WASH) EVP Rolando Lora sold 885 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $31.55, for a total transaction of $27,921.75. Following the completion of the sale, the executive vice president owned 11,292 shares of the company’s stock, valued at $356,262.60. This trade represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH traded down $0.54 during mid-day trading on Monday, reaching $31.40. The company’s stock had a trading volume of 98,788 shares, compared to its average volume of 173,625. The stock has a 50-day moving average of $33.45 and a two-hundred day moving average of $31.31. The stock has a market capitalization of $597.86 million, a P/E ratio of 11.50, a P/E/G ratio of 0.68 and a beta of 0.73. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. Washington Trust Bancorp, Inc. has a 1-year low of $25.23 and a 1-year high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). The business had revenue of $57.83 million during the quarter, compared to analyst estimates of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.85%. On average, equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 3.19 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio is 82.05%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, April 21st. Keefe, Bruyette & Woods raised their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Friday, January 30th. Zacks Research cut shares of Washington Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Piper Sandler assumed coverage on shares of Washington Trust Bancorp in a research report on Monday, March 16th. They set a “neutral” rating and a $32.00 price objective for the company. Finally, Wall Street Zen cut shares of Washington Trust Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.33.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WASH. Foster Dykema Cabot & Partners LLC purchased a new position in Washington Trust Bancorp during the third quarter worth about $27,000. EverSource Wealth Advisors LLC boosted its stake in Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after buying an additional 542 shares during the period. Federated Hermes Inc. boosted its stake in Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after buying an additional 420 shares during the period. Tower Research Capital LLC TRC boosted its stake in Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after buying an additional 1,578 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after buying an additional 1,869 shares during the period. Hedge funds and other institutional investors own 65.81% of the company’s stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.