Principal Financial Group Inc. Takes $808,000 Position in Washington Trust Bancorp, Inc. $WASH

Principal Financial Group Inc. acquired a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 24,143 shares of the financial services provider’s stock, valued at approximately $808,000. Principal Financial Group Inc. owned 0.13% of Washington Trust Bancorp as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Washington Trust Bancorp by 17.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock worth $350,000 after buying an additional 1,708 shares during the period. Legal & General Group Plc lifted its stake in Washington Trust Bancorp by 8.1% in the second quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock valued at $546,000 after buying an additional 1,448 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Washington Trust Bancorp by 9.8% in the second quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider’s stock valued at $847,000 after buying an additional 2,670 shares during the period. Quantbot Technologies LP bought a new stake in shares of Washington Trust Bancorp during the second quarter worth $409,000. Finally, Invesco Ltd. raised its holdings in shares of Washington Trust Bancorp by 3.0% during the second quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock worth $8,608,000 after acquiring an additional 8,938 shares during the period. 65.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on WASH shares. Weiss Ratings raised shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Zacks Research raised Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 23rd. Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Piper Sandler boosted their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Finally, Keefe, Bruyette & Woods upped their price objective on Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $35.50.

Washington Trust Bancorp Price Performance

NASDAQ WASH opened at $38.98 on Friday. The firm’s 50 day moving average is $35.60 and its 200-day moving average is $34.01. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $743.35 million, a PE ratio of 13.53, a price-to-earnings-growth ratio of 0.89 and a beta of 0.72. Washington Trust Bancorp, Inc. has a 12-month low of $25.23 and a 12-month high of $39.85.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $60.47 million during the quarter, compared to analysts’ expectations of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. Equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $2.24 annualized dividend and a yield of 5.7%. Washington Trust Bancorp’s payout ratio is 77.78%.

Washington Trust Bancorp Company Profile

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.