Keefe, Bruyette & Woods Issues Positive Forecast for Washington Trust Bancorp (NASDAQ:WASH) Stock Price

Washington Trust Bancorp (NASDAQ:WASH) had its price objective raised by research analysts at Keefe, Bruyette & Woods from $33.00 to $36.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential downside of 6.09% from the stock’s previous close.

WASH has been the subject of a number of other reports. Weiss Ratings raised shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Zacks Research lowered shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Seaport Research Partners cut shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday. Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Piper Sandler increased their price objective on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Washington Trust Bancorp currently has a consensus rating of “Hold” and an average target price of $35.50.

Washington Trust Bancorp Price Performance

Washington Trust Bancorp stock traded down $0.94 on Wednesday, reaching $38.34. The company’s stock had a trading volume of 142,497 shares, compared to its average volume of 176,675. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market cap of $731.05 million, a price-to-earnings ratio of 13.28, a PEG ratio of 0.88 and a beta of 0.72. The business’s fifty day moving average price is $34.47 and its 200 day moving average price is $33.52. Washington Trust Bancorp has a twelve month low of $25.23 and a twelve month high of $39.85.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%.The company had revenue of $60.47 million during the quarter, compared to analyst estimates of $59.91 million. Equities analysts expect that Washington Trust Bancorp will post 3.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Washington Trust Bancorp

In related news, CFO Ronald S. Ohsberg purchased 1,606 shares of the business’s stock in a transaction dated Friday, April 24th. The shares were bought at an average price of $31.00 per share, with a total value of $49,786.00. Following the purchase, the chief financial officer directly owned 29,705 shares in the company, valued at $920,855. This trade represents a 5.72% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, EVP Rolando A. Lora sold 885 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total value of $27,921.75. Following the completion of the transaction, the executive vice president owned 11,292 shares in the company, valued at $356,262.60. This represents a 7.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 36,801 shares of company stock worth $1,147,293. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Washington Trust Bancorp

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its position 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 worth $30,000 after buying an additional 542 shares during the period. Federated Hermes Inc. raised its position in shares of Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after acquiring an additional 420 shares during the period. Tower Research Capital LLC TRC boosted its stake in Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 1,578 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Washington Trust Bancorp by 367.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 1,869 shares during the last quarter. Finally, State of Wyoming bought a new position in Washington Trust Bancorp during the 1st quarter worth approximately $70,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

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.