Washington Trust Bancorp, Inc. (NASDAQ:WASH) Given Average Rating of “Reduce” by Analysts

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have been given an average rating of “Reduce” by the four research firms that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $28.3333.

A number of analysts have recently commented on WASH shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their target price on Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Finally, Piper Sandler dropped their price target on shares of Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a research report on Thursday, October 9th.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH opened at $31.43 on Thursday. Washington Trust Bancorp has a fifty-two week low of $24.95 and a fifty-two week high of $34.13. The firm’s 50-day simple moving average is $29.47 and its 200 day simple moving average is $28.83. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.53. The stock has a market cap of $598.11 million, a P/E ratio of -19.77, a P/E/G ratio of 0.66 and a beta of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, October 20th. The financial services provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.46 by $0.10. Washington Trust Bancorp had a negative net margin of 6.22% and a positive return on equity of 8.90%. The firm had revenue of $56.47 million for the quarter, compared to analysts’ expectations of $56.39 million. During the same quarter last year, the company earned $0.64 EPS. Equities analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date was Friday, January 2nd. Washington Trust Bancorp’s payout ratio is presently -140.88%.

Institutional Investors Weigh In On Washington Trust Bancorp

Large investors have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D increased its stake in shares of Washington Trust Bancorp by 18.4% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 73,332 shares of the financial services provider’s stock worth $2,074,000 after purchasing an additional 11,388 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Washington Trust Bancorp by 91.5% in the second quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider’s stock worth $12,343,000 after purchasing an additional 208,586 shares in the last quarter. Crestwood Advisors Group LLC increased its position in Washington Trust Bancorp by 2.1% during the second quarter. Crestwood Advisors Group LLC now owns 97,160 shares of the financial services provider’s stock worth $2,748,000 after buying an additional 2,019 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Washington Trust Bancorp during the second quarter worth $642,000. Finally, Barrett & Company Inc. raised its holdings in Washington Trust Bancorp by 10.1% during the second quarter. Barrett & Company Inc. now owns 5,646 shares of the financial services provider’s stock valued at $160,000 after buying an additional 518 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.