Washington Trust Bancorp, Inc. (NASDAQ:WASH) Stock Rated "Hold" by Wall Street Analysts

Key Points

• Analysts rate Washington Trust Bancorp “Hold” on average: Three analysts have hold ratings and one has a buy rating, with an average 12-month price target of $35.50 versus the stock’s reported $38.46 opening price.
• The company exceeded quarterly expectations, reporting $0.83 in earnings per share versus the $0.77 consensus estimate and revenue of $60.47 million compared with estimates of $59.91 million.
• Washington Trust declared a quarterly dividend of $0.56 per share, equivalent to $2.24 annually and a 5.8% yield; institutional investors own 65.81% of the company.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has earned an average rating of "Hold" from the four research firms that are covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $35.50.

WASH has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Piper Sandler lifted their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Seaport Research Partners cut shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 22nd. Keefe, Bruyette & Woods increased their price objective on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a report on Wednesday, July 22nd. Finally, Zacks Research raised Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a report on Thursday, July 23rd.

Washington Trust Bancorp Stock Performance

Shares of Washington Trust Bancorp stock opened at $38.46 on Monday. The company has a market capitalization of $733.43 million, a P/E ratio of 13.35, a P/E/G ratio of 0.88 and a beta of 0.73. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.97 and a current ratio of 0.97. The company has a fifty day moving average of $39.31 and a 200 day moving average of $35.87. Washington Trust Bancorp has a fifty-two week low of $25.23 and a fifty-two week high of $40.54.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.06. The firm had revenue of $60.47 million during the quarter, compared to analyst estimates of $59.91 million. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%. On average, sell-side analysts anticipate that Washington Trust Bancorp will post 3.2 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Thursday, October 1st will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 5.8%. Washington Trust Bancorp's dividend payout ratio is presently 77.78%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Washington Trust Bancorp during the 2nd quarter valued at about $81,558,000. First Horizon Corp bought a new stake in shares of Washington Trust Bancorp in the 1st quarter valued at approximately $9,912,000. The Manufacturers Life Insurance Company purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter worth approximately $10,556,000. Basswood Capital Management L.L.C. bought a new position in shares of Washington Trust Bancorp during the 2nd quarter valued at approximately $6,712,000. Finally, Bank of New York Mellon Corp purchased a new stake in Washington Trust Bancorp during the 2nd quarter valued at $5,466,000. Institutional investors own 65.81% of the company's stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States and serves individuals, families, businesses and institutions.

The bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business banking and cash-management services.

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