Charles Schwab Investment Management Inc. Sells 29,653 Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Charles Schwab Investment Management Inc. lowered its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 12.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 201,031 shares of the financial services provider's stock after selling 29,653 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.18% of Washington Trust Bancorp worth $6,475,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in WASH. Price T Rowe Associates Inc. MD increased its holdings in Washington Trust Bancorp by 4.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,672 shares of the financial services provider's stock worth $422,000 after acquiring an additional 615 shares during the last quarter. CWM LLC grew its holdings in 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 buying an additional 725 shares in the last quarter. SG Americas Securities LLC purchased a new position in Washington Trust Bancorp during the 2nd quarter valued at about $232,000. Bank of New York Mellon Corp grew its holdings in 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 valued at $4,094,000 after buying an additional 1,996 shares in the last quarter. Finally, IFG Advisory LLC purchased a new position in Washington Trust Bancorp during the 2nd quarter valued at about $211,000. Hedge funds and other institutional investors own 65.81% of the company's stock.

Analyst Ratings Changes

Separately, Piper Sandler raised Washington Trust Bancorp from an "underweight" rating to a "neutral" rating and lifted their target price for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Price Performance

Shares of WASH traded up $0.04 during trading hours on Thursday, reaching $36.70. 39,689 shares of the company's stock traded hands, compared to its average volume of 96,869. The stock has a market cap of $626.29 million, a PE ratio of 13.62 and a beta of 0.79. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm's 50 day simple moving average is $35.50 and its 200-day simple moving average is $31.45. Washington Trust Bancorp, Inc. has a 12 month low of $24.11 and a 12 month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued 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 firm had revenue of $103.86 million during the quarter, compared to the consensus estimate 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 quarter last year, the company posted $0.65 EPS. Equities analysts expect that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared 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 was Tuesday, October 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.10%. Washington Trust Bancorp's dividend payout ratio (DPR) is presently 83.90%.

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.