Janney Montgomery Scott LLC Trims Stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Janney Montgomery Scott LLC lowered its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 16.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,676 shares of the financial services provider’s stock after selling 2,244 shares during the quarter. Janney Montgomery Scott LLC owned 0.06% of Washington Trust Bancorp worth $366,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new stake in shares of Washington Trust Bancorp in the 3rd quarter worth approximately $32,000. Barrett & Company Inc. boosted its position in Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after buying an additional 787 shares during the period. CWM LLC grew its stake in shares of Washington Trust Bancorp by 60.5% during the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock valued at $163,000 after buying an additional 1,902 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Washington Trust Bancorp in the 3rd quarter worth approximately $209,000. Finally, Shepherd Financial Partners LLC boosted its stake in shares of Washington Trust Bancorp by 12.7% during the third quarter. Shepherd Financial Partners LLC now owns 9,061 shares of the financial services provider’s stock valued at $292,000 after purchasing an additional 1,019 shares during the period. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Price Performance

Shares of WASH stock opened at $32.98 on Tuesday. The business’s 50 day moving average price is $32.76 and its 200-day moving average price is $32.98. Washington Trust Bancorp, Inc. has a fifty-two week low of $24.11 and a fifty-two week high of $40.59. The firm has a market cap of $635.10 million, a P/E ratio of -21.28 and a beta of 0.81. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. On average, equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.69 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.79%. The ex-dividend date of this dividend was Thursday, January 2nd. Washington Trust Bancorp’s payout ratio is presently -144.52%.

Wall Street Analyst Weigh In

WASH has been the topic of several analyst reports. StockNews.com raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st. Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $30.00 to $34.00 in a research note on Tuesday, October 22nd.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.