Washington Trust Bancorp (NASDAQ:WASH) Earns Sell Rating from Analysts at StockNews.com

StockNews.com assumed coverage on shares of Washington Trust Bancorp (NASDAQ:WASH – Get Rating) in a report issued on Thursday. The brokerage issued a sell rating on the financial services provider’s stock.

Washington Trust Bancorp Trading Down 5.3 %

WASH stock opened at $34.84 on Thursday. The company has a debt-to-equity ratio of 2.21, a current ratio of 1.04 and a quick ratio of 1.03. The business has a 50 day simple moving average of $43.25 and a two-hundred day simple moving average of $46.61. Washington Trust Bancorp has a 1-year low of $33.70 and a 1-year high of $55.93. The company has a market capitalization of $591.93 million, a price-to-earnings ratio of 8.48 and a beta of 0.73.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Monday, April 3rd will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 6.43%. The ex-dividend date of this dividend is Friday, March 31st. Washington Trust Bancorp’s dividend payout ratio is currently 54.50%.

Insider Transactions at Washington Trust Bancorp

In related news, Director Constance A. Howes bought 1,250 shares of the company’s stock in a transaction on Wednesday, February 8th. The stock was bought at an average cost of $44.01 per share, for a total transaction of $55,012.50. Following the acquisition, the director now directly owns 3,320 shares in the company, valued at $146,113.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.42% of the company’s stock.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds have recently modified their holdings of WASH. Envestnet Asset Management Inc. boosted its holdings in Washington Trust Bancorp by 5.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 7,162 shares of the financial services provider’s stock valued at $376,000 after acquiring an additional 346 shares during the period. MetLife Investment Management LLC raised its position in shares of Washington Trust Bancorp by 58.1% during the 1st quarter. MetLife Investment Management LLC now owns 8,760 shares of the financial services provider’s stock worth $460,000 after acquiring an additional 3,218 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of Washington Trust Bancorp by 27.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 1,530 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 327 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Washington Trust Bancorp by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 705,739 shares of the financial services provider’s stock worth $37,052,000 after acquiring an additional 17,613 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Washington Trust Bancorp by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 958,238 shares of the financial services provider’s stock worth $50,306,000 after acquiring an additional 37,258 shares in the last quarter. 71.23% of the stock is currently owned by hedge funds and other institutional investors.

About Washington Trust Bancorp

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Washington Trust Bancorp, Inc operates as a bank holding company. The firm engages in the provision of financial services, including business banking, personal banking and wealth management and trust services. It operates through the following segments: Commercial Banking and Wealth Management Services.