Washington Trust Bancorp (NASDAQ:WASH) Hits New 1-Year High After Analyst Upgrade

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s share price reached a new 52-week high on Friday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $34.36 and last traded at $34.02, with a volume of 406421 shares traded. The stock had previously closed at $30.19.

A number of other brokerages have also recently commented on WASH. Keefe, Bruyette & Woods increased their price target on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday. Piper Sandler set a $32.00 target price on shares of Washington Trust Bancorp in a report on Thursday. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Washington Trust Bancorp presently has a consensus rating of “Hold” and a consensus price target of $31.33.

Key Stories Impacting Washington Trust Bancorp

Here are the key news stories impacting Washington Trust Bancorp this week:

• Positive Sentiment: Q4 results beat estimates — WASH reported $0.83 EPS vs. $0.75 consensus and revenue above estimates, driving the immediate positive reaction. Read More.
• Positive Sentiment: Swing to profit and balance-sheet restructuring highlighted — company reported a return to quarterly profit ($52.2M reported in coverage) after restructuring and strategic shifts, which supports improved fundamentals. Read More.
• Positive Sentiment: Zacks Rank upgrade and multiple “Strong Buy” listings — WASH was added to Zacks Rank #1 and to growth, value and income-focused Strong Buy lists, increasing buy-side visibility. Read More.
• Positive Sentiment: Management set targets for 5% loan growth and margin expansion via new commercial hires — this guidance supports revenue and net interest margin improvement assumptions. Read More.
• Neutral Sentiment: Detailed earnings call transcript available — useful for investors wanting color on drivers (credit, expenses, capital actions) but not a standalone catalyst. Read More.
• Negative Sentiment: Keefe, Bruyette & Woods raised target to $34 but kept a “market perform” rating — the $34 target implies limited upside (roughly flat to slightly below current levels), which tempers the bullish momentum. Read More.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds have recently made changes to their positions in the business. Foster Dykema Cabot & Partners LLC bought a new stake in Washington Trust Bancorp in the third quarter valued at $27,000. AlphaQuest LLC purchased a new stake in shares of Washington Trust Bancorp in the 2nd quarter worth about $33,000. Federated Hermes Inc. lifted its position in shares of Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 420 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,869 shares during the period. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Trading Up 1.0%

The company has a market capitalization of $654.06 million, a P/E ratio of 12.73, a P/E/G ratio of 0.74 and a beta of 0.86. The stock’s 50 day moving average is $30.08 and its 200-day moving average is $28.93. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.02 and a quick ratio of 1.01.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.08. Washington Trust Bancorp had a return on equity of 9.83% and a net margin of 13.26%.The business had revenue of $59.25 million for the quarter, compared to analysts’ expectations of $56.38 million. As a group, equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 14th. Shareholders of record on Friday, January 2nd were issued a $0.56 dividend. The ex-dividend date was Friday, January 2nd. This represents a $2.24 dividend on an annualized basis and a yield of 6.5%. Washington Trust Bancorp’s dividend payout ratio is 82.96%.

About Washington Trust Bancorp

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.