Washington Trust Bancorp, Inc. (WASH) Receives Average Recommendation of “Strong Buy” from Analysts

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has received a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation. Washington Trust Bancorp’s rating score has improved by 66.7% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.

Brokers have set a 12 month consensus target price of $61.00 for the company, according to Zacks. Zacks has also assigned Washington Trust Bancorp an industry rank of 22 out of 265 based on the ratings given to related companies.

Several analysts have recently weighed in on WASH shares. Compass Point upgraded Washington Trust Bancorp from a “neutral” rating to a “buy” rating in a research report on Monday, December 18th. BidaskClub upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, December 20th.

In other news, Director Katherine W. Hoxsie sold 2,000 shares of the firm’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $56.31, for a total transaction of $112,620.00. Following the transaction, the director now owns 24,892 shares in the company, valued at $1,401,668.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Dennis L. Algiere sold 950 shares of the firm’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $56.60, for a total value of $53,770.00. Following the transaction, the senior vice president now owns 9,783 shares in the company, valued at approximately $553,717.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,451 shares of company stock worth $633,870. Insiders own 2.58% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of WASH. SG Americas Securities LLC purchased a new position in Washington Trust Bancorp in the third quarter valued at about $128,000. Tower Research Capital LLC TRC grew its stake in Washington Trust Bancorp by 1,825.7% in the second quarter. Tower Research Capital LLC TRC now owns 2,696 shares of the financial services provider’s stock valued at $139,000 after purchasing an additional 2,556 shares during the last quarter. Susquehanna International Group LLP purchased a new position in Washington Trust Bancorp in the second quarter valued at about $202,000. Eqis Capital Management Inc. purchased a new position in Washington Trust Bancorp in the third quarter valued at about $213,000. Finally, Aperio Group LLC purchased a new position in Washington Trust Bancorp in the third quarter valued at about $228,000. Institutional investors own 55.10% of the company’s stock.

Shares of Washington Trust Bancorp (NASDAQ:WASH) opened at $55.80 on Monday. Washington Trust Bancorp has a 52-week low of $47.00 and a 52-week high of $59.10. The firm has a market capitalization of $960.93, a price-to-earnings ratio of 19.31 and a beta of 0.75. The company has a debt-to-equity ratio of 2.02, a quick ratio of 1.09 and a current ratio of 1.09.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, October 23rd. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. Washington Trust Bancorp had a return on equity of 12.44% and a net margin of 23.63%. The business had revenue of $47.34 million during the quarter.

The company also recently declared a quarterly dividend, which was paid on Friday, January 12th. Stockholders of record on Tuesday, January 2nd were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, December 29th. This represents a $1.56 annualized dividend and a dividend yield of 2.80%. Washington Trust Bancorp’s dividend payout ratio is currently 53.98%.

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About Washington Trust Bancorp

Washington Trust Bancorp, Inc is a bank holding company and financial holding company. The Company is a holding company of The Washington Trust Company, of Westerly (the Bank), a Rhode Island chartered commercial bank. The Company operates through two business segments: Commercial Banking and Wealth Management Services.

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