The Manufacturers Life Insurance Company Takes Position in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

The Manufacturers Life Insurance Company bought a new position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 6,494 shares of the financial services provider’s stock, valued at approximately $209,000.

A number of other institutional investors have also recently bought and sold shares of WASH. CWM LLC raised its stake in shares of Washington Trust Bancorp by 29.9% in the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after buying an additional 725 shares in the last quarter. Barrett & Company Inc. lifted its stake in Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 787 shares during the period. Sanders Morris Harris LLC acquired a new stake in Washington Trust Bancorp during the third quarter valued at approximately $206,000. IFG Advisory LLC bought a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at approximately $211,000. Finally, SG Americas Securities LLC acquired a new position in shares of Washington Trust Bancorp in the 2nd quarter worth approximately $232,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Down 0.6 %

NASDAQ WASH opened at $34.81 on Tuesday. The stock’s 50 day simple moving average is $35.77 and its 200 day simple moving average is $31.68. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. Washington Trust Bancorp, Inc. has a one year low of $24.11 and a one year high of $40.59. The firm has a market cap of $594.03 million, a PE ratio of 13.04 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. The company had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. As a group, sell-side analysts forecast that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.43%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is presently 83.90%.

Analyst Upgrades and Downgrades

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

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.