Washington Trust Bancorp, Inc. (NASDAQ:WASH) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Analysts maintain a cautious outlook: Washington Trust Bancorp has an average “Hold” rating from four brokerages, with a consensus 12-month price target of $35.50.
• Quarterly results exceeded expectations: The company reported EPS of $0.83 versus the $0.77 estimate and revenue of $60.47 million, while analysts expect full-year EPS of $3.20.
• Income and ownership remain notable: Washington Trust pays a $0.56 quarterly dividend, equating to a 5.7% yield, and institutional investors own 65.81% of its shares.

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) have received an average rating of "Hold" from the four research firms that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $35.50.

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods raised their target price on 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 upgraded shares of Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 23rd. Seaport Research Partners downgraded Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research report on Wednesday, July 22nd. Weiss Ratings restated a "buy (b)" rating on shares of Washington Trust Bancorp in a report on Wednesday, September 2nd. Finally, Piper Sandler boosted their target price on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a research note on Friday, June 26th.

Washington Trust Bancorp Trading Down 1.1%

NASDAQ WASH opened at $39.36 on Thursday. Washington Trust Bancorp has a twelve month low of $25.23 and a twelve month high of $40.54. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. The company has a market cap of $750.75 million, a price-to-earnings ratio of 13.67, a price-to-earnings-growth ratio of 0.91 and a beta of 0.70. The business's fifty day moving average is $38.49 and its 200 day moving average is $35.25.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $60.47 million during the quarter, compared to analysts' expectations of $59.91 million. As a group, sell-side analysts expect that Washington Trust Bancorp will post 3.2 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

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

Hedge Funds Weigh In On Washington Trust Bancorp

A number of large investors have recently modified their holdings of WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Washington Trust Bancorp by 17.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider's stock valued at $350,000 after purchasing an additional 1,708 shares during the period. Legal & General Group Plc raised its position in Washington Trust Bancorp by 8.1% during the second quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider's stock valued at $546,000 after purchasing an additional 1,448 shares in the last quarter. Rhumbline Advisers lifted its stake in Washington Trust Bancorp by 9.8% during the second quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider's stock worth $847,000 after purchasing an additional 2,670 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter worth about $409,000. Finally, Invesco Ltd. boosted its holdings in shares of Washington Trust Bancorp by 3.0% in the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider's stock worth $8,608,000 after purchasing an additional 8,938 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors.

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.

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