Analysts Set Washington Trust Bancorp, Inc. (NASDAQ:WASH) Target Price at $28.33

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has been given an average rating of “Hold” by the five analysts that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $28.3333.

WASH has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, October 8th. Finally, Piper Sandler lowered their target price on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating for the company in a research note on Thursday, October 9th.

Washington Trust Bancorp Trading Down 1.0%

WASH stock opened at $29.09 on Wednesday. The business has a fifty day moving average price of $27.81 and a 200 day moving average price of $28.29. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.02 and a quick ratio of 1.01. Washington Trust Bancorp has a fifty-two week low of $24.95 and a fifty-two week high of $37.21. The stock has a market capitalization of $553.58 million, a price-to-earnings ratio of -18.30, a P/E/G ratio of 0.95 and a beta of 0.89.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, October 20th. The financial services provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.46 by $0.10. Washington Trust Bancorp had a positive return on equity of 8.90% and a negative net margin of 6.22%.The company had revenue of $56.47 million for the quarter, compared to analysts’ expectations of $56.39 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. Analysts expect 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 was paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st were given a dividend of $0.56 per share. The ex-dividend date was Wednesday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 7.7%. Washington Trust Bancorp’s dividend payout ratio is presently -140.88%.

Institutional Trading of Washington Trust Bancorp

A number of institutional investors have recently bought and sold shares of WASH. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Washington Trust Bancorp during the 3rd quarter valued at $27,000. AlphaQuest LLC acquired a new stake in shares of Washington Trust Bancorp during the second quarter worth $33,000. Ransom Advisory Ltd bought a new stake in Washington Trust Bancorp in the first quarter valued at about $40,000. Federated Hermes Inc. acquired a new position in Washington Trust Bancorp in the first quarter valued at about $53,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after buying an additional 1,578 shares during the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

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.