Principal Financial Group Inc. Purchases New Holdings in Washington Trust Bancorp, Inc. $WASH

Principal Financial Group Inc. purchased a new stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 24,143 shares of the financial services provider’s stock, valued at approximately $808,000.

A number of other hedge funds have also recently bought and sold shares of WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Washington Trust Bancorp by 17.7% during 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 raised its stake in shares of Washington Trust Bancorp by 8.1% during the 2nd quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock worth $546,000 after purchasing an additional 1,448 shares in the last quarter. Rhumbline Advisers boosted its holdings 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 last quarter. Quantbot Technologies LP acquired a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at approximately $409,000. Finally, Invesco Ltd. grew its stake in shares of Washington Trust Bancorp by 3.0% in the second quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock valued at $8,608,000 after buying an additional 8,938 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ WASH opened at $38.98 on Friday. 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, Inc. has a 12 month low of $25.23 and a 12 month high of $39.85. The stock has a 50 day moving average of $35.60 and a 200-day moving average of $34.01. The company has a market capitalization of $743.35 million, a P/E ratio of 13.53, a P/E/G ratio of 0.89 and a beta of 0.72.

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 analysts’ consensus estimates of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%.The business had revenue of $60.47 million for the quarter, compared to analyst estimates of $59.91 million. As a group, equities research analysts predict that Washington Trust Bancorp, Inc. will post 3.2 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Wednesday, July 1st. Washington Trust Bancorp’s payout ratio is 77.78%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on WASH shares. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Zacks Research upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price objective on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Piper Sandler boosted their price objective on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Finally, 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. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Washington Trust Bancorp currently has an average rating of “Hold” and an average price target of $35.50.

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.