Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives $31.00 Consensus Target Price from Analysts

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has been assigned a consensus rating of “Moderate Buy” from the four brokerages that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $31.00.

Several equities research analysts recently issued reports on WASH shares. Keefe, Bruyette & Woods lowered their price objective on Washington Trust Bancorp from $34.00 to $31.00 and set a “market perform” rating on the stock in a report on Tuesday, April 22nd. Seaport Res Ptn raised shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 14th. Finally, Bank of America initiated coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They issued a “neutral” rating and a $28.00 target price on the stock.

Washington Trust Bancorp Trading Down 2.3%

WASH stock opened at $27.21 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp has a 12-month low of $24.91 and a 12-month high of $40.59. The stock has a market cap of $524.91 million, a price-to-earnings ratio of -17.55 and a beta of 0.91. The business’s 50-day moving average is $27.87 and its 200 day moving average is $30.56.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, April 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.01). Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. The firm had revenue of $59.07 million during the quarter, compared to analyst estimates of $53.16 million. On average, sell-side analysts anticipate that Washington Trust Bancorp will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 8.23%. The ex-dividend date is Tuesday, July 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is -143.59%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of WASH. The Manufacturers Life Insurance Company lifted its stake in Washington Trust Bancorp by 6,117.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider’s stock worth $12,658,000 after purchasing an additional 397,255 shares in the last quarter. Millennium Management LLC raised its position in shares of Washington Trust Bancorp by 3,240.0% during the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider’s stock valued at $7,096,000 after buying an additional 219,578 shares during the period. Franklin Resources Inc. purchased a new stake in shares of Washington Trust Bancorp during the 4th quarter valued at approximately $6,824,000. Wellington Management Group LLP purchased a new stake in shares of Washington Trust Bancorp during the 4th quarter valued at approximately $4,853,000. Finally, Soros Fund Management LLC purchased a new stake in shares of Washington Trust Bancorp during the 4th quarter valued at approximately $4,232,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.