Soros Fund Management LLC Makes New $4.23 Million Investment in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

Soros Fund Management LLC bought a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 135,000 shares of the financial services provider’s stock, valued at approximately $4,232,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC purchased a new position in Washington Trust Bancorp in the fourth quarter valued at about $1,955,000. Jane Street Group LLC grew its position in Washington Trust Bancorp by 95.6% during the third quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock worth $1,180,000 after buying an additional 17,906 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Washington Trust Bancorp during the fourth quarter worth about $369,000. JPMorgan Chase & Co. boosted its holdings in shares of Washington Trust Bancorp by 60.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock worth $2,150,000 after purchasing an additional 25,029 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Washington Trust Bancorp in the 4th quarter worth about $676,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Stock Up 0.4 %

NASDAQ:WASH opened at $27.83 on Tuesday. The firm has a market cap of $536.45 million, a P/E ratio of -17.95 and a beta of 0.76. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a 50-day simple moving average of $29.36 and a two-hundred day simple moving average of $32.42. Washington Trust Bancorp, Inc. has a fifty-two week low of $24.70 and a fifty-two week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.01). Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. The business had revenue of $59.07 million during the quarter, compared to analysts’ expectations of $53.16 million. Analysts predict that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.56 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 8.05%. Washington Trust Bancorp’s dividend payout ratio is currently -143.59%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. StockNews.com raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st. Seaport Res Ptn raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 14th. Finally, Keefe, Bruyette & Woods decreased their target price on Washington Trust Bancorp from $34.00 to $31.00 and set a “market perform” rating for the company in a research report on Tuesday, April 22nd.

Washington Trust Bancorp Profile

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.