Essex Financial Services Inc. Buys 726 Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Essex Financial Services Inc. boosted its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 10.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,366 shares of the financial services provider’s stock after purchasing an additional 726 shares during the period. Essex Financial Services Inc.’s holdings in Washington Trust Bancorp were worth $231,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new position in shares of Washington Trust Bancorp during the third quarter worth $32,000. Hantz Financial Services Inc. grew its position in Washington Trust Bancorp by 15,152.6% during the 4th quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 2,879 shares during the last quarter. Barrett & Company Inc. increased its holdings in Washington Trust Bancorp by 20.1% in the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 787 shares in the last quarter. CWM LLC raised its position in Washington Trust Bancorp by 60.5% in the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock valued at $163,000 after purchasing an additional 1,902 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Washington Trust Bancorp during the third quarter valued at about $209,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

Analyst Ratings Changes

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

Washington Trust Bancorp Stock Up 1.4 %

Shares of WASH opened at $32.69 on Friday. The stock’s 50-day moving average price is $32.53 and its two-hundred day moving average price is $32.98. Washington Trust Bancorp, Inc. has a 12 month low of $24.11 and a 12 month high of $40.59. The company has a market capitalization of $629.61 million, a PE ratio of -21.09 and a beta of 0.81. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63.

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

Washington Trust Bancorp Announces Dividend

The company also recently disclosed 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 6.85%. The ex-dividend date of this dividend was Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is currently -144.52%.

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.