Washington Trust Bancorp, Inc. (NASDAQ:WASH) Stock Has Consensus Price Target of $37.00 According to Analysts

Key Points

• Analyst sentiment is moderately bullish: Washington Trust Bancorp has a consensus “Moderate Buy” rating from four analysts, with an average 12-month price target of $37.00.
• The bank reported quarterly EPS of $1.01, beating estimates of $0.87, while revenue reached $64.96 million versus the $62.62 million consensus estimate.
• Washington Trust declared a quarterly dividend of $0.56 per share, equivalent to an annualized $2.24 payout and a 5.7% yield; institutional investors own 65.81% of the stock.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the four brokerages that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $37.00.

WASH has been the topic of several research reports. Zacks Research upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. Seaport Research Partners downgraded Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price objective on Washington Trust Bancorp from $36.00 to $39.00 and gave the company a "market perform" rating in a research report on Wednesday, October 21st. Wall Street Zen raised Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Washington Trust Bancorp in a report on Wednesday, September 2nd.

Insider Buying and Selling

In other Washington Trust Bancorp news, Director Edwin Santos sold 1,200 shares of the company's stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $39.25, for a total value of $47,100.00. Following the sale, the director owned 9,110 shares in the company, valued at approximately $357,567.50. This represents a 11.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Washington Trust Bancorp

Several large investors have recently made changes to their positions in WASH. Bank of America Corp DE bought a new stake in Washington Trust Bancorp in the second quarter worth $4,312,000. Legal & General Group Plc bought a new position in shares of Washington Trust Bancorp during the second quarter valued at $507,000. Renaissance Technologies LLC increased its holdings in shares of Washington Trust Bancorp by 108.6% during the first quarter. Renaissance Technologies LLC now owns 77,959 shares of the financial services provider's stock valued at $2,609,000 after acquiring an additional 40,591 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter worth about $10,556,000. Finally, Ieq Capital LLC purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter worth about $1,344,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH opened at $39.30 on Friday. Washington Trust Bancorp has a 1 year low of $26.52 and a 1 year high of $40.54. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.97. The company's 50-day moving average is $38.75 and its 200 day moving average is $35.56. The stock has a market capitalization of $749.45 million, a P/E ratio of 11.80, a P/E/G ratio of 0.83 and a beta of 0.73.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.87 by $0.14. Washington Trust Bancorp had a net margin of 16.73% and a return on equity of 11.67%. The business had revenue of $64.96 million during the quarter, compared to analyst estimates of $62.62 million. On average, sell-side analysts expect that Washington Trust Bancorp will post 3.26 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Thursday, October 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is 67.27%.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community-focused financial institution headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States.

The company provides commercial, small-business, residential mortgage and consumer banking services. Its offerings include deposit accounts, commercial and consumer loans, residential mortgages, cash-management services, online and mobile banking, and other financial services for individuals, families and businesses.

Washington Trust also operates a wealth-management business that provides investment management, financial planning, trust administration, estate planning and related services.

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