Washington Trust Bancorp (NASDAQ:WASH) Raised to “Strong-Buy” at Zacks Research

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Piper Sandler set a $32.00 target price on Washington Trust Bancorp in a research report on Thursday. Finally, Keefe, Bruyette & Woods raised their price target on Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Friday. One 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. Based on data from MarketBeat.com, Washington Trust Bancorp currently has an average rating of “Hold” and a consensus target price of $31.33.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH opened at $34.37 on Thursday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.02 and a quick ratio of 1.01. The firm has a market cap of $654.06 million, a PE ratio of 12.73, a P/E/G ratio of 0.74 and a beta of 0.86. The firm has a 50 day simple moving average of $30.08 and a 200-day simple moving average of $28.93. Washington Trust Bancorp has a 1-year low of $24.95 and a 1-year high of $34.95.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. The firm had revenue of $59.25 million for the quarter, compared to analyst estimates of $56.38 million. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.83%. On average, equities analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current year.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its holdings 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. Signaturefd LLC increased its position in Washington Trust Bancorp by 14.0% during the 4th quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider’s stock worth $116,000 after purchasing an additional 481 shares in the last quarter. Barrett & Company Inc. increased its position in Washington Trust Bancorp by 10.1% during the 2nd quarter. Barrett & Company Inc. now owns 5,646 shares of the financial services provider’s stock worth $160,000 after purchasing an additional 518 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Washington Trust Bancorp by 11.7% in the third quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider’s stock valued at $145,000 after buying an additional 526 shares during the period. Finally, CWM LLC lifted its position in Washington Trust Bancorp by 6.2% during the second quarter. CWM LLC now owns 12,501 shares of the financial services provider’s stock valued at $354,000 after buying an additional 734 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Key Headlines 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.

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.