Creative Planning Purchases 13,726 Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Creative Planning raised its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 27.3% in the 3rd quarter, Holdings Channel reports. The firm owned 64,032 shares of the financial services provider’s stock after acquiring an additional 13,726 shares during the period. Creative Planning’s holdings in Washington Trust Bancorp were worth $2,062,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Washington Trust Bancorp by 4.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,672 shares of the financial services provider’s stock valued at $422,000 after purchasing an additional 615 shares during the last quarter. Linden Thomas Advisory Services LLC boosted its holdings in shares of Washington Trust Bancorp by 1.7% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 37,091 shares of the financial services provider’s stock valued at $1,017,000 after purchasing an additional 615 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Washington Trust Bancorp by 2.2% during the 2nd quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock valued at $773,000 after purchasing an additional 618 shares during the last quarter. CWM LLC boosted its holdings in shares of Washington Trust Bancorp by 29.9% during the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after purchasing an additional 725 shares during the last quarter. Finally, EntryPoint Capital LLC boosted its holdings in shares of Washington Trust Bancorp by 86.3% during the 1st quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 734 shares during the last quarter. Institutional investors own 65.81% of the company’s stock.

Analysts Set New Price Targets

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

Washington Trust Bancorp Stock Down 1.8 %

Shares of NASDAQ:WASH opened at $34.22 on Monday. 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, Inc. has a 12 month low of $21.69 and a 12 month high of $36.09. The company has a 50-day moving average price of $32.09 and a 200 day moving average price of $28.98. The company has a market cap of $583.59 million, a price-to-earnings ratio of 12.63 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.71%. The firm had revenue of $103.86 million during the quarter, compared to the consensus estimate of $47.32 million. During the same quarter last year, the firm earned $0.65 EPS. As a group, equities research analysts predict that Washington Trust Bancorp, Inc. will post 2.42 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 82.66%.

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.