State of New Jersey Common Pension Fund D Has $2.38 Million Stock Position in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

State of New Jersey Common Pension Fund D lifted its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 0.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 73,721 shares of the financial services provider’s stock after buying an additional 472 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Washington Trust Bancorp were worth $2,375,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of WASH. Dimensional Fund Advisors LP grew its position in Washington Trust Bancorp by 7.7% in the second quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock valued at $22,642,000 after acquiring an additional 59,115 shares during the period. Inspire Advisors LLC bought a new stake in shares of Washington Trust Bancorp in the 2nd quarter worth about $1,529,000. American Century Companies Inc. increased its position in shares of Washington Trust Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock worth $7,755,000 after purchasing an additional 40,122 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Washington Trust Bancorp by 56.6% during the 2nd quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock worth $2,979,000 after purchasing an additional 39,268 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Washington Trust Bancorp by 10.6% during the 1st quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock valued at $7,834,000 after purchasing an additional 27,979 shares during the last quarter. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Trading Down 0.9 %

Shares of WASH opened at $39.33 on Thursday. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $671.36 million, a price-to-earnings ratio of 14.73 and a beta of 0.77. The stock has a fifty day moving average price of $33.40 and a two-hundred day moving average price of $30.00. Washington Trust Bancorp, Inc. has a 52-week low of $24.11 and a 52-week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same period in the previous year, the business posted $0.65 earnings per share. Analysts predict that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.70%. Washington Trust Bancorp’s payout ratio is 83.90%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd.

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.