Analysts Set Washington Trust Bancorp, Inc. (NASDAQ:WASH) Target Price at $31.33

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have received an average rating of “Hold” from the five brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $31.3333.

Several equities research analysts recently issued reports on WASH shares. Piper Sandler set a $32.00 price target on Washington Trust Bancorp in a research report on Thursday, January 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Keefe, Bruyette & Woods increased their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Friday, January 30th. Finally, Zacks Research raised shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 29th.

Washington Trust Bancorp Price Performance

WASH opened at $35.11 on Monday. The company has a market capitalization of $668.14 million, a P/E ratio of 13.00, a PEG ratio of 0.75 and a beta of 0.86. The company has a 50-day moving average of $31.88 and a 200-day moving average of $29.66. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.01 and a current ratio of 1.02. Washington Trust Bancorp has a 1-year low of $24.95 and a 1-year high of $37.08.

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

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date was Friday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is presently 82.96%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Washington Trust Bancorp by 17.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock worth $350,000 after buying an additional 1,708 shares in the last quarter. CWM LLC increased its stake in shares of Washington Trust Bancorp by 6.2% during the second quarter. CWM LLC now owns 12,501 shares of the financial services provider’s stock valued at $354,000 after acquiring an additional 734 shares during the period. AlphaQuest LLC bought a new position in Washington Trust Bancorp during the 2nd quarter valued at $33,000. State of New Jersey Common Pension Fund D boosted its stake in Washington Trust Bancorp by 18.4% during the 2nd 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. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Washington Trust Bancorp during the 2nd quarter valued at $206,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

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.