Franklin Resources Inc. Purchases New Shares in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Franklin Resources Inc. acquired a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 217,686 shares of the financial services provider's stock, valued at approximately $6,824,000. Franklin Resources Inc. owned approximately 1.13% of Washington Trust Bancorp at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Washington Trust Bancorp by 10.6% during the 4th quarter. Vanguard Group Inc. now owns 1,033,333 shares of the financial services provider's stock valued at $32,395,000 after purchasing an additional 98,802 shares during the last quarter. American Century Companies Inc. boosted its stake in Washington Trust Bancorp by 1.2% in the fourth quarter. American Century Companies Inc. now owns 325,169 shares of the financial services provider's stock worth $10,194,000 after buying an additional 3,697 shares in the last quarter. Wellington Management Group LLP bought a new position in Washington Trust Bancorp during the fourth quarter valued at approximately $4,853,000. JPMorgan Chase & Co. raised its stake in shares of Washington Trust Bancorp by 74.7% during the fourth quarter. JPMorgan Chase & Co. now owns 116,608 shares of the financial services provider's stock worth $3,656,000 after acquiring an additional 49,871 shares in the last quarter. Finally, Prudential Financial Inc. lifted its holdings in shares of Washington Trust Bancorp by 1,154.4% in the 4th quarter. Prudential Financial Inc. now owns 86,729 shares of the financial services provider's stock worth $2,719,000 after acquiring an additional 79,815 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on WASH shares. StockNews.com raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Friday, January 31st. Seaport Res Ptn raised Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 14th.

Washington Trust Bancorp Trading Up 2.6 %

WASH stock traded up $0.70 during midday trading on Tuesday, hitting $27.33. The company had a trading volume of 23,701 shares, compared to its average volume of 140,954. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp, Inc. has a 52 week low of $24.11 and a 52 week high of $40.59. The stock has a market cap of $526.81 million, a price-to-earnings ratio of -17.63 and a beta of 0.76. The stock's 50 day moving average price is $30.50 and its 200 day moving average price is $32.69.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. As a group, equities research analysts expect that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a $0.56 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $2.24 annualized dividend and a dividend yield of 8.20%. Washington Trust Bancorp's payout ratio is presently -144.52%.

Washington Trust Bancorp 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.