Zacks Investment Management Acquires Shares of 39,070 Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Zacks Investment Management acquired a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 39,070 shares of the financial services provider's stock, valued at approximately $1,258,000. Zacks Investment Management owned 0.23% of Washington Trust Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of WASH. State of New Jersey Common Pension Fund D boosted its holdings in Washington Trust Bancorp by 0.6% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider's stock valued at $2,375,000 after purchasing an additional 472 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Washington Trust Bancorp by 4.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,672 shares of the financial services provider's stock valued at $422,000 after acquiring an additional 615 shares during the period. Rhumbline Advisers raised its holdings in Washington Trust Bancorp by 2.2% in the 2nd quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider's stock valued at $773,000 after acquiring an additional 618 shares in the last quarter. CWM LLC raised its holdings in 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 acquiring an additional 725 shares in the last quarter. Finally, Inspire Advisors LLC lifted its position in shares of Washington Trust Bancorp by 1.3% in the 3rd quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider's stock worth $1,820,000 after acquiring an additional 733 shares during the period. Institutional investors and hedge funds own 65.81% of the company's stock.

Analysts Set New Price Targets

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

Washington Trust Bancorp Price Performance

Shares of Washington Trust Bancorp stock traded down $0.12 during trading on Tuesday, hitting $36.20. 105,067 shares of the company's stock traded hands, compared to its average volume of 96,594. Washington Trust Bancorp, Inc. has a twelve month low of $24.11 and a twelve month high of $40.59. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market cap of $617.93 million, a PE ratio of 13.71 and a beta of 0.79. The firm's fifty day moving average price is $35.26 and its 200 day moving average price is $31.34.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.08. The business had revenue of $103.86 million during the quarter, compared to analysts' expectations 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 period in the prior year, the firm posted $0.65 EPS. Analysts forecast that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.19%. Washington Trust Bancorp's dividend payout ratio is presently 83.90%.

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.