Millennium Management LLC raised its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 729.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 56,482 shares of the financial services provider’s stock after purchasing an additional 49,675 shares during the period. Millennium Management LLC’s holdings in Washington Trust Bancorp were worth $3,008,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in Washington Trust Bancorp in the third quarter valued at $128,000. Teacher Retirement System of Texas acquired a new stake in shares of Washington Trust Bancorp in the fourth quarter valued at about $282,000. Goldman Sachs Group Inc. grew its position in shares of Washington Trust Bancorp by 136.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 9,848 shares of the financial services provider’s stock valued at $524,000 after purchasing an additional 5,685 shares during the period. Wells Fargo & Company MN grew its position in shares of Washington Trust Bancorp by 34.3% in the third quarter. Wells Fargo & Company MN now owns 23,777 shares of the financial services provider’s stock valued at $1,361,000 after purchasing an additional 6,067 shares during the period. Finally, California Public Employees Retirement System grew its position in shares of Washington Trust Bancorp by 10.0% in the fourth quarter. California Public Employees Retirement System now owns 23,817 shares of the financial services provider’s stock valued at $1,268,000 after purchasing an additional 2,169 shares during the period. 57.03% of the stock is owned by institutional investors.
Separately, BidaskClub upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, March 20th.
Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Tuesday, January 30th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.07. Washington Trust Bancorp had a net margin of 22.82% and a return on equity of 13.74%. The business had revenue of $47.10 million for the quarter.
The business also recently announced a quarterly dividend, which was paid on Friday, April 13th. Stockholders of record on Monday, April 2nd were given a $0.43 dividend. This is a positive change from Washington Trust Bancorp’s previous quarterly dividend of $0.39. The ex-dividend date was Thursday, March 29th. This represents a $1.72 annualized dividend and a dividend yield of 3.07%.
About Washington Trust Bancorp
Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.
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