Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives $35.50 Average PT from Brokerages

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has been given a consensus rating of “Hold” by the four brokerages that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $35.50.

Several equities analysts have commented on WASH shares. Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Keefe, Bruyette & Woods upped their price target on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Piper Sandler raised their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Zacks Research upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, July 23rd. Finally, Seaport Research Partners cut shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its position in shares of Washington Trust Bancorp by 108.6% in the 1st quarter. Renaissance Technologies LLC now owns 77,959 shares of the financial services provider’s stock valued at $2,609,000 after acquiring an additional 40,591 shares during the period. Bank of America Corp DE lifted its position in Washington Trust Bancorp by 35.5% during the 1st quarter. Bank of America Corp DE now owns 103,355 shares of the financial services provider’s stock worth $3,458,000 after acquiring an additional 27,080 shares during the period. First Horizon Corp acquired a new stake in Washington Trust Bancorp during the 1st quarter worth about $9,912,000. The Manufacturers Life Insurance Company purchased a new stake in Washington Trust Bancorp during the 2nd quarter valued at about $10,556,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Washington Trust Bancorp in the second quarter valued at about $1,116,000. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ:WASH opened at $39.86 on Thursday. Washington Trust Bancorp has a 52 week low of $25.23 and a 52 week high of $40.54. The stock has a market capitalization of $760.13 million, a P/E ratio of 13.84, a PEG ratio of 0.91 and a beta of 0.70. The firm has a fifty day simple moving average of $38.74 and a two-hundred day simple moving average of $35.36. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%.The business had revenue of $60.47 million for the quarter, compared to the consensus estimate of $59.91 million. On average, analysts expect that Washington Trust Bancorp will post 3.2 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 5.6%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 77.78%.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the parent company of The Washington Trust Company, a full-service community bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is recognized as one of the oldest continuously operating banks in the United States.

The company provides a range of financial services to individuals, families, businesses, and institutions. Its offerings include personal and commercial deposit accounts, consumer and business lending, residential mortgages, cash management, online and mobile banking, and other traditional banking services.