IFG Advisory LLC Takes $211,000 Position in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

IFG Advisory LLC bought a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) in the 2nd quarter, Holdings Channel reports. The fund bought 7,694 shares of the financial services provider’s stock, valued at approximately $211,000.

A number of other hedge funds have also added to or reduced their stakes in WASH. Dimensional Fund Advisors LP grew its position in shares of Washington Trust Bancorp by 9.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 774,705 shares of the financial services provider’s stock worth $25,086,000 after buying an additional 68,930 shares during the period. ProShare Advisors LLC grew its holdings in Washington Trust Bancorp by 10.6% in the first quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock worth $7,834,000 after purchasing an additional 27,979 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Washington Trust Bancorp by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 235,586 shares of the financial services provider’s stock valued at $7,628,000 after purchasing an additional 16,378 shares in the last quarter. Drexel Morgan & Co. raised its holdings in shares of Washington Trust Bancorp by 22.8% during the fourth quarter. Drexel Morgan & Co. now owns 167,123 shares of the financial services provider’s stock valued at $5,411,000 after purchasing an additional 31,000 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Washington Trust Bancorp by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock worth $4,094,000 after purchasing an additional 1,996 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Stock Performance

Shares of WASH stock opened at $32.80 on Tuesday. The firm has a market capitalization of $559.37 million, a PE ratio of 12.10 and a beta of 0.80. The firm has a fifty day simple moving average of $29.62 and a two-hundred day simple moving average of $27.26. Washington Trust Bancorp, Inc. has a 12 month low of $21.69 and a 12 month high of $33.96. The company has a current ratio of 1.15, a quick ratio of 1.14 and a debt-to-equity ratio of 3.34.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, July 22nd. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.14. The company had revenue of $102.66 million for the quarter, compared to analysts’ expectations of $46.06 million. Washington Trust Bancorp had a return on equity of 9.95% and a net margin of 11.51%. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Analysts forecast that Washington Trust Bancorp, Inc. will post 2.38 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.83%. The ex-dividend date was Monday, July 1st. Washington Trust Bancorp’s payout ratio is currently 82.66%.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, June 17th.

Washington Trust Bancorp Company Profile

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.