Ieq Capital LLC Makes New Investment in Washington Trust Bancorp, Inc. $WASH

Ieq Capital LLC bought a new position in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 36,836 shares of the financial services provider’s stock, valued at approximately $1,344,000. Ieq Capital LLC owned approximately 0.19% of Washington Trust Bancorp at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Washington Trust Bancorp by 17.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock worth $350,000 after purchasing an additional 1,708 shares during the last quarter. Legal & General Group Plc boosted its position in Washington Trust Bancorp by 8.1% in the 2nd quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock valued at $546,000 after buying an additional 1,448 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Washington Trust Bancorp by 9.8% in the 2nd quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider’s stock valued at $847,000 after buying an additional 2,670 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at $409,000. Finally, Invesco Ltd. raised its position in shares of Washington Trust Bancorp by 3.0% during the second quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock worth $8,608,000 after acquiring an additional 8,938 shares during the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Up 0.4%

Washington Trust Bancorp stock opened at $39.73 on Thursday. The firm has a market capitalization of $757.65 million, a price-to-earnings ratio of 13.80, a PEG ratio of 0.90 and a beta of 0.72. The company’s 50 day simple moving average is $37.76 and its 200 day simple moving average is $34.99. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.97. Washington Trust Bancorp, Inc. has a fifty-two week low of $25.23 and a fifty-two week high of $40.50.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share 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 10.18%. The company had revenue of $60.47 million for the quarter, compared to analyst estimates of $59.91 million. As a group, sell-side analysts anticipate that Washington Trust Bancorp, Inc. will post 3.2 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were issued a dividend of $0.56 per share. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 annualized dividend and a yield of 5.6%. Washington Trust Bancorp’s payout ratio is currently 77.78%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on WASH shares. Piper Sandler raised their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Zacks Research raised Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, July 23rd. Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Washington Trust Bancorp currently has an average rating of “Hold” and a consensus target price of $35.50.

Washington Trust Bancorp 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.