Washington Trust Bancorp (NASDAQ:WASH) Research Coverage Started at Piper Sandler

Piper Sandler started coverage on shares of Washington Trust Bancorp (NASDAQ:WASH) in a research note published on Monday, MarketBeat.com reports. The firm issued a neutral rating and a $32.00 price objective on the financial services provider’s stock.

A number of other research analysts also recently issued reports on WASH. Zacks Research raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 29th. Keefe, Bruyette & Woods boosted their target price on Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Friday, January 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, January 21st. Finally, Wall Street Zen raised shares of Washington Trust Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Washington Trust Bancorp has an average rating of “Hold” and a consensus price target of $31.33.

Washington Trust Bancorp Price Performance

WASH opened at $32.01 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.19. The company has a market cap of $609.47 million, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.67 and a beta of 0.85. The stock has a fifty day simple moving average of $33.27 and a two-hundred day simple moving average of $30.36. Washington Trust Bancorp has a 12-month low of $24.95 and a 12-month high of $37.08.

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, beating the consensus estimate of $0.75 by $0.08. The firm had revenue of $59.25 million during the quarter, compared to analyst estimates of $56.38 million. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.75%. Research analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently modified their holdings of WASH. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Washington Trust Bancorp during the 3rd quarter worth approximately $27,000. EverSource Wealth Advisors LLC grew its holdings in shares of Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 542 shares in the last quarter. Federated Hermes Inc. increased its position in Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 420 shares during the last quarter. Tower Research Capital LLC TRC raised its stake 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 valued at $67,000 after purchasing an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 1,869 shares in the last quarter. Institutional investors own 65.81% of the company’s stock.

About Washington Trust Bancorp

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.