Empowered Funds LLC Has $2.23 Million Stock Position in Washington Trust Bancorp, Inc. $WASH

Empowered Funds LLC grew its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 556.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,628 shares of the financial services provider’s stock after acquiring an additional 57,329 shares during the period. Empowered Funds LLC’s holdings in Washington Trust Bancorp were worth $2,225,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 542 shares during the period. State of Wyoming acquired a new stake in Washington Trust Bancorp during the 1st quarter worth approximately $70,000. Federated Hermes Inc. raised its position in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 420 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after acquiring an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Washington Trust Bancorp by 367.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 1,869 shares during the period. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Price Performance

WASH stock opened at $39.47 on Thursday. Washington Trust Bancorp, Inc. has a 52-week low of $25.23 and a 52-week high of $40.25. The firm has a 50 day moving average price of $36.04 and a 200-day moving average price of $34.24. The firm has a market capitalization of $752.69 million, a price-to-earnings ratio of 13.70, a PEG ratio of 0.91 and a beta of 0.72. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99.

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

Washington Trust Bancorp Dividend Announcement

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

Wall Street Analysts Forecast Growth

WASH has been the topic of a number of recent research reports. Zacks Research raised shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 23rd. Piper Sandler increased their target price on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. 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. Keefe, Bruyette & Woods raised their price objective on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Finally, Seaport Research Partners cut shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $35.50.

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.