Washington Trust Bancorp (NASDAQ:WASH) Given New $34.00 Price Target at Keefe, Bruyette & Woods

Washington Trust Bancorp (NASDAQ:WASH) had its price target hoisted by Keefe, Bruyette & Woods from $30.00 to $34.00 in a research note released on Friday,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Several other analysts also recently issued reports on WASH. Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, January 21st. Piper Sandler set a $32.00 price target on Washington Trust Bancorp in a research note on Thursday. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $31.33.

Washington Trust Bancorp Stock Up 1.0%

NASDAQ WASH opened at $34.37 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.53. Washington Trust Bancorp has a 52 week low of $24.95 and a 52 week high of $34.95. The firm has a market capitalization of $654.06 million, a price-to-earnings ratio of 12.73, a PEG ratio of 0.74 and a beta of 0.86. The company has a fifty day moving average of $30.08 and a two-hundred day moving average of $28.93.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.08. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.83%. The firm had revenue of $59.25 million during the quarter, compared to analyst estimates of $56.38 million. On average, analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were paid a $0.56 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.24 annualized dividend and a yield of 6.5%. Washington Trust Bancorp’s dividend payout ratio is 82.96%.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D boosted its stake in shares of Washington Trust Bancorp by 18.4% during the second quarter. State of New Jersey Common Pension Fund D now owns 73,332 shares of the financial services provider’s stock valued at $2,074,000 after purchasing an additional 11,388 shares in the last quarter. Franklin Resources Inc. raised its stake in Washington Trust Bancorp by 91.5% in the second quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider’s stock worth $12,343,000 after buying an additional 208,586 shares in the last quarter. Crestwood Advisors Group LLC lifted its holdings in Washington Trust Bancorp by 2.1% during the second quarter. Crestwood Advisors Group LLC now owns 97,160 shares of the financial services provider’s stock worth $2,748,000 after buying an additional 2,019 shares during the period. Hsbc Holdings PLC bought a new stake in Washington Trust Bancorp during the 2nd quarter valued at $642,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at $202,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Washington Trust Bancorp

Here are the key news stories impacting Washington Trust Bancorp this week:

• Positive Sentiment: Q4 results beat estimates — WASH reported $0.83 EPS vs. $0.75 consensus and revenue above estimates, driving the immediate positive reaction. Read More.
• Positive Sentiment: Swing to profit and balance-sheet restructuring highlighted — company reported a return to quarterly profit ($52.2M reported in coverage) after restructuring and strategic shifts, which supports improved fundamentals. Read More.
• Positive Sentiment: Zacks Rank upgrade and multiple “Strong Buy” listings — WASH was added to Zacks Rank #1 and to growth, value and income-focused Strong Buy lists, increasing buy-side visibility. Read More.
• Positive Sentiment: Management set targets for 5% loan growth and margin expansion via new commercial hires — this guidance supports revenue and net interest margin improvement assumptions. Read More.
• Neutral Sentiment: Detailed earnings call transcript available — useful for investors wanting color on drivers (credit, expenses, capital actions) but not a standalone catalyst. Read More.
• Negative Sentiment: Keefe, Bruyette & Woods raised target to $34 but kept a “market perform” rating — the $34 target implies limited upside (roughly flat to slightly below current levels), which tempers the bullish momentum. Read More.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.