The Manufacturers Life Insurance Company Buys Shares of 289,374 Washington Trust Bancorp, Inc. $WASH

The Manufacturers Life Insurance Company purchased a new position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) during the 2nd quarter, Holdings Channel reports. The fund purchased 289,374 shares of the financial services provider’s stock, valued at approximately $10,556,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Washington Trust Bancorp during the 2nd quarter valued at $81,558,000. First Horizon Corp purchased a new position in shares of Washington Trust Bancorp during the 1st quarter valued at about $9,912,000. Bank of New York Mellon Corp bought a new position in shares of Washington Trust Bancorp during the 2nd quarter valued at approximately $5,466,000. Franklin Resources Inc. lifted its holdings in Washington Trust Bancorp by 28.3% during the third quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider’s stock valued at $16,189,000 after purchasing an additional 123,734 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in Washington Trust Bancorp by 556.6% during the first quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider’s stock valued at $2,225,000 after purchasing an additional 57,329 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Price Performance

Washington Trust Bancorp stock opened at $39.47 on Friday. Washington Trust Bancorp, Inc. has a 52-week low of $25.23 and a 52-week high of $40.50. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. The firm’s fifty day moving average is $37.95 and its 200 day moving average is $35.04. The company has a market cap of $752.69 million, a price-to-earnings ratio of 13.70, a PEG ratio of 0.90 and a beta of 0.72.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data 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 return on equity of 10.18% and a net margin of 14.50%.The company had revenue of $60.47 million for the quarter, compared to analysts’ expectations of $59.91 million. Sell-side analysts forecast that Washington Trust Bancorp, Inc. will post 3.2 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

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

Analysts Set New Price Targets

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

Washington Trust Bancorp Company 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.