Kestra Private Wealth Services LLC Sells 24,711 Shares of Washington Trust Bancorp, Inc. $WASH

Kestra Private Wealth Services LLC lowered its holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 79.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,450 shares of the financial services provider’s stock after selling 24,711 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Washington Trust Bancorp were worth $216,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Franklin Resources Inc. increased its position in Washington Trust Bancorp by 28.3% in the third quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider’s stock worth $16,189,000 after purchasing an additional 123,734 shares during the period. SG Americas Securities LLC increased its stake in Washington Trust Bancorp by 1,417.2% during the 4th quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider’s stock worth $2,908,000 after purchasing an additional 91,936 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in Washington Trust Bancorp by 173.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider’s stock valued at $2,554,000 after acquiring an additional 56,102 shares in the last quarter. Drexel Morgan & Co. lifted its holdings in shares of Washington Trust Bancorp by 19.9% in the fourth quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider’s stock valued at $8,889,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Washington Trust Bancorp by 16.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 267,595 shares of the financial services provider’s stock worth $7,907,000 after acquiring an additional 36,937 shares during the last quarter. Institutional investors own 65.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Piper Sandler raised their price objective 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 downgraded Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $34.50.

Insider Transactions at Washington Trust Bancorp

In other news, EVP James Cannon Brown purchased 32,000 shares of Washington Trust Bancorp stock in a transaction that occurred on Thursday, April 23rd. The stock was acquired at an average cost of $31.17 per share, for a total transaction of $997,440.00. Following the purchase, the executive vice president directly owned 37,280 shares of the company’s stock, valued at $1,162,017.60. This trade represents a 606.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Ronald S. Ohsberg acquired 1,606 shares of the firm’s stock in a transaction on Friday, April 24th. The stock was purchased at an average cost of $31.00 per share, for a total transaction of $49,786.00. Following the completion of the acquisition, the chief financial officer owned 29,705 shares in the company, valued at approximately $920,855. This represents a 5.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 36,801 shares of company stock worth $1,147,293 over the last three months. Company insiders own 1.30% of the company’s stock.

Washington Trust Bancorp Stock Performance

Shares of WASH traded up $0.06 during midday trading on Tuesday, reaching $36.13. The stock had a trading volume of 4,216 shares, compared to its average volume of 175,959. The firm has a 50 day simple moving average of $33.44 and a 200-day simple moving average of $33.05. Washington Trust Bancorp, Inc. has a one year low of $25.23 and a one year high of $37.08. The firm has a market cap of $689.08 million, a PE ratio of 13.29, a P/E/G ratio of 0.86 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%.The company had revenue of $57.83 million for the quarter, compared to the consensus estimate of $58.24 million. As a group, sell-side analysts anticipate that Washington Trust Bancorp, Inc. will post 3.07 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Wednesday, July 1st. Washington Trust Bancorp’s payout ratio is currently 82.05%.

About Washington Trust Bancorp

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.