Washington Trust Bancorp, Inc. (NASDAQ:WASH) Stock Has Consensus Price Target of $35.50 According to Brokerages

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has been assigned a consensus recommendation of “Hold” from the four analysts that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $35.50.

A number of equities analysts have commented on WASH shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, September 2nd. Keefe, Bruyette & Woods increased their price objective on Washington Trust Bancorp from $33.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Piper Sandler lifted their target price 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, Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th.

Hedge Funds Weigh In On Washington Trust Bancorp

Several hedge funds have recently made changes to their positions in WASH. Renaissance Technologies LLC boosted its stake in shares of Washington Trust Bancorp by 108.6% during the 1st quarter. Renaissance Technologies LLC now owns 77,959 shares of the financial services provider’s stock worth $2,609,000 after acquiring an additional 40,591 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Washington Trust Bancorp by 35.5% in 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 purchasing an additional 27,080 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Washington Trust Bancorp in the 2nd quarter worth $10,556,000. Bank of New York Mellon Corp bought a new position in Washington Trust Bancorp in the 2nd quarter worth $5,466,000. Finally, Ieq Capital LLC purchased a new position in Washington Trust Bancorp during the second quarter valued at $1,344,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Stock Down 0.7%

WASH opened at $37.07 on Monday. The business’s fifty day simple moving average is $39.16 and its 200 day simple moving average is $36.04. Washington Trust Bancorp has a 52 week low of $25.23 and a 52 week high of $40.54. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. The stock has a market cap of $706.92 million, a PE ratio of 12.87, a P/E/G ratio of 0.80 and a beta of 0.73.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $60.47 million during the quarter, compared to analyst estimates of $59.91 million. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%. As a group, research analysts expect that Washington Trust Bancorp will post 3.23 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were issued a $0.56 dividend. The ex-dividend date was Thursday, October 1st. This represents a $2.24 annualized dividend and a yield of 6.0%. Washington Trust Bancorp’s dividend payout ratio (DPR) is 77.78%.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States and serves individuals, families, businesses and institutions.

The bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business banking and cash-management services.