Washington Trust Bancorp, Inc. (NASDAQ:WASH) Given Consensus Recommendation of “Hold” by Analysts

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has earned a consensus rating of “Hold” from the four ratings firms that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $35.50.

WASH has been the subject of several analyst reports. Seaport Research Partners cut Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Zacks Research raised shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 23rd. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Piper Sandler boosted their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, June 26th.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Washington Trust Bancorp by 114.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after buying an additional 542 shares in the last quarter. Allworth Financial LP purchased a new position in Washington Trust Bancorp during the 2nd quarter valued at about $50,000. Federated Hermes Inc. boosted its stake in Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 420 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in Washington Trust Bancorp by 200.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 1,578 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in Washington Trust Bancorp by 367.2% in the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,869 shares during the period. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Price Performance

WASH stock opened at $39.36 on Thursday. The firm has a market cap of $750.75 million, a P/E ratio of 13.67, a P/E/G ratio of 0.91 and a beta of 0.70. The firm’s fifty day moving average is $38.49 and its 200 day moving average is $35.25. Washington Trust Bancorp has a 52 week low of $25.23 and a 52 week high of $40.54. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.97 and a current ratio of 0.97.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.18%. The business had revenue of $60.47 million during the quarter, compared to the consensus estimate of $59.91 million. Research analysts predict that Washington Trust Bancorp will post 3.2 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio is currently 77.78%.

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.