Essex Financial Services Inc. increased its stake in shares of Washington Trust Bancorp Inc. (NASDAQ:WASH) by 5.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 13,528 shares of the financial services provider’s stock after buying an additional 705 shares during the period. Essex Financial Services Inc.’s holdings in Washington Trust Bancorp were worth $513,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC boosted its position in shares of Washington Trust Bancorp by 1,000.0% in the second quarter. CWM LLC now owns 3,300 shares of the financial services provider’s stock valued at $125,000 after buying an additional 3,000 shares during the last quarter. BB&T Securities LLC bought a new position in shares of Washington Trust Bancorp during the first quarter valued at about $216,000. Bank of Montreal Can bought a new position in shares of Washington Trust Bancorp during the second quarter valued at about $435,000. UBS Group AG boosted its position in shares of Washington Trust Bancorp by 200.4% in the first quarter. UBS Group AG now owns 14,495 shares of the financial services provider’s stock valued at $541,000 after buying an additional 9,670 shares during the last quarter. Finally, Zebra Capital Management LLC bought a new position in shares of Washington Trust Bancorp during the first quarter valued at about $560,000. 51.61% of the stock is currently owned by institutional investors.
Shares of Washington Trust Bancorp Inc. (NASDAQ:WASH) traded down 0.37% during mid-day trading on Monday, reaching $40.25. The company had a trading volume of 27,573 shares. The company has a 50 day moving average price of $41.29 and a 200 day moving average price of $38.83. The company has a market capitalization of $687.51 million, a price-to-earnings ratio of 16.11 and a beta of 0.86. Washington Trust Bancorp Inc. has a one year low of $34.59 and a one year high of $43.85.
Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, July 25th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by $0.02. Washington Trust Bancorp had a return on equity of 11.32% and a net margin of 22.85%. On average, analysts anticipate that Washington Trust Bancorp Inc. will post $2.55 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Monday, October 3rd were given a $0.37 dividend. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $1.48 annualized dividend and a dividend yield of 3.68%. This is a positive change from Washington Trust Bancorp’s previous quarterly dividend of $0.36. Washington Trust Bancorp’s dividend payout ratio is currently 59.20%.
WASH has been the topic of several analyst reports. Compass Point lifted their target price on Washington Trust Bancorp from $41.00 to $43.00 and gave the company a “buy” rating in a research report on Tuesday, July 26th. Keefe, Bruyette & Woods lowered Washington Trust Bancorp from an “outperform” rating to a “market perform” rating and set a $41.00 price target on the stock. in a report on Monday, October 3rd.
In other news, Director Katherine W. Hoxsie sold 2,000 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the transaction, the director now owns 24,302 shares of the company’s stock, valued at approximately $1,028,217.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.58% of the stock is owned by insiders.
About Washington Trust Bancorp
Washington Trust Bancorp, Inc (Bancorp) is a bank holding and financial holding company. The Company operates through two segments: Commercial Banking and Wealth Management Services. Its Commercial Banking segment includes commercial, residential and consumer lending activities; equity in losses of unconsolidated investments in real estate limited partnerships, mortgage banking, secondary market and loan servicing activities; deposit generation; merchant credit card services; cash management activities, and direct banking activities, which include the operation of automated teller machines (ATMs), telephone and Internet banking services, and customer support and sales.
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