Washington Trust Bancorp (NASDAQ:WASH) Earns Neutral Rating from Analysts at Bank of America

Bank of America initiated coverage on shares of Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) in a report released on Wednesday, Marketbeat reports. The firm set a "neutral" rating and a $28.00 price target on the financial services provider's stock. Bank of America's price objective points to a potential upside of 0.50% from the company's current price.

WASH has been the subject of a number of other research reports. Keefe, Bruyette & Woods dropped their target price on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, January 31st. Finally, Seaport Res Ptn upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 14th. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Washington Trust Bancorp has a consensus rating of "Hold" and a consensus price target of $31.00.

Washington Trust Bancorp Price Performance

Shares of WASH traded up $0.01 during trading hours on Wednesday, reaching $27.86. 95,904 shares of the company's stock traded hands, compared to its average volume of 149,730. The stock has a market cap of $537.45 million, a PE ratio of -17.97 and a beta of 0.89. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm's 50 day simple moving average is $28.24 and its 200-day simple moving average is $31.42. Washington Trust Bancorp has a 12 month low of $24.70 and a 12 month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.01). The firm had revenue of $59.07 million during the quarter, compared to the consensus estimate of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. Equities analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current year.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of large investors have recently bought and sold shares of WASH. Ransom Advisory Ltd purchased a new position in shares of Washington Trust Bancorp during the first quarter valued at approximately $40,000. Federated Hermes Inc. purchased a new position in shares of Washington Trust Bancorp during the first quarter valued at approximately $53,000. Hantz Financial Services Inc. increased its stake in shares of Washington Trust Bancorp by 15,152.6% during the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider's stock valued at $91,000 after buying an additional 2,879 shares during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Washington Trust Bancorp during the fourth quarter valued at approximately $97,000. Finally, State of Tennessee Department of Treasury purchased a new position in shares of Washington Trust Bancorp during the fourth quarter valued at approximately $131,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.