Washington Trust Bancorp (NASDAQ:WASH) Price Target Raised to $39.00

Washington Trust Bancorp (NASDAQ:WASH) had its price target boosted by Keefe, Bruyette & Woods from $36.00 to $39.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Several other equities research analysts have also issued reports on WASH. Zacks Research raised shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Washington Trust Bancorp in a report on Wednesday, September 2nd. Piper Sandler lifted their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Finally, Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH opened at $39.02 on Wednesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50-day simple moving average of $38.81 and a two-hundred day simple moving average of $36.35. The firm has a market capitalization of $744.11 million, a PE ratio of 11.72, a P/E/G ratio of 0.83 and a beta of 0.73. Washington Trust Bancorp has a 52-week low of $26.52 and a 52-week high of $40.54.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.87 by $0.14. Washington Trust Bancorp had a return on equity of 11.67% and a net margin of 16.73%. The firm had revenue of $64.96 million for the quarter, compared to the consensus estimate of $62.62 million. Analysts forecast that Washington Trust Bancorp will post 3.26 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 5.7%. The ex-dividend date was Thursday, October 1st. Washington Trust Bancorp’s dividend payout ratio is presently 67.27%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently added to or reduced their stakes in WASH. GAMMA Investing LLC boosted its holdings in shares of Washington Trust Bancorp by 107.8% in the 3rd quarter. GAMMA Investing LLC now owns 802 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 416 shares during the period. Brown Lisle Cummings Inc. increased its position in shares of Washington Trust Bancorp by 1.3% during the 1st quarter. Brown Lisle Cummings Inc. now owns 47,098 shares of the financial services provider’s stock valued at $1,576,000 after purchasing an additional 620 shares during the last quarter. State of Alaska Department of Revenue bought a new position in shares of Washington Trust Bancorp during the 3rd quarter valued at approximately $27,000. Hennion & Walsh Asset Management Inc. raised its holdings in Washington Trust Bancorp by 8.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 9,168 shares of the financial services provider’s stock valued at $334,000 after buying an additional 740 shares during the period. Finally, Rockland Trust Co. raised its holdings in Washington Trust Bancorp by 3.0% during the 2nd quarter. Rockland Trust Co. now owns 26,527 shares of the financial services provider’s stock valued at $968,000 after buying an additional 770 shares during the period. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community-focused financial institution headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States.

The company provides commercial, small-business, residential mortgage and consumer banking services. Its offerings include deposit accounts, commercial and consumer loans, residential mortgages, cash-management services, online and mobile banking, and other financial services for individuals, families and businesses.

Washington Trust also operates a wealth-management business that provides investment management, financial planning, trust administration, estate planning and related services.