Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives Average Rating of “Hold” from Analysts

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has received a consensus rating of “Hold” from the four brokerages that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $29.00.

Separately, Piper Sandler lowered Washington Trust Bancorp from a “neutral” rating to an “underweight” rating and set a $28.00 target price on the stock. in a research report on Tuesday, July 22nd.

Washington Trust Bancorp Trading Down 0.3%

Shares of NASDAQ WASH opened at $29.13 on Friday. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.05 and a quick ratio of 1.04. The stock has a market capitalization of $558.13 million, a P/E ratio of -19.29, a price-to-earnings-growth ratio of 0.83 and a beta of 0.94. Washington Trust Bancorp has a 1-year low of $24.95 and a 1-year high of $40.59. The business has a fifty day moving average price of $28.86 and a 200 day moving average price of $28.62.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.05. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%.The firm had revenue of $54.26 million during the quarter, compared to analysts’ expectations of $54.07 million. During the same period in the prior year, the business posted $0.63 EPS. Equities research analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Wednesday, October 1st will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 7.7%. The ex-dividend date of this dividend is Wednesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is currently -148.34%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in Washington Trust Bancorp by 31.1% during the 1st quarter. Bank of New York Mellon Corp now owns 135,403 shares of the financial services provider’s stock valued at $4,179,000 after buying an additional 32,088 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Washington Trust Bancorp by 4,346.5% in the first quarter. GAMMA Investing LLC now owns 16,541 shares of the financial services provider’s stock valued at $536,000 after purchasing an additional 16,169 shares during the period. Inspire Advisors LLC increased its holdings in shares of Washington Trust Bancorp by 41.0% in the first quarter. Inspire Advisors LLC now owns 85,574 shares of the financial services provider’s stock valued at $2,641,000 after purchasing an additional 24,880 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Washington Trust Bancorp by 15.0% in the first quarter. Victory Capital Management Inc. now owns 30,700 shares of the financial services provider’s stock valued at $947,000 after purchasing an additional 4,000 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Washington Trust Bancorp by 39.3% in the first quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider’s stock valued at $9,118,000 after purchasing an additional 83,311 shares during the period. 65.81% of the stock is owned by institutional investors and hedge funds.

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.