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

Key Points

• Keefe, Bruyette & Woods raised its price target on Washington Trust Bancorp to $36 from $33 while keeping a market perform rating, implying modest downside from the current price.
• The company recently beat quarterly earnings and revenue expectations, posting $0.83 EPS versus $0.77 expected and $60.47 million in revenue versus $59.91 million expected.
• Analyst sentiment is mixed, with the stock carrying an overall Hold consensus and a consensus price target of $35.50; shares were also down 2.4% in Wednesday trading.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) had its target price raised by research analysts at Keefe, Bruyette & Woods from $33.00 to $36.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target points to a potential downside of 6.09% from the company's current price.

Several other equities analysts have also recently commented on WASH. Wall Street Zen upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Zacks Research downgraded Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Piper Sandler upped their target price on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Seaport Research Partners downgraded Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday. Finally, Weiss Ratings upgraded Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $35.50.

Washington Trust Bancorp Stock Down 2.4%

Shares of WASH traded down $0.94 during trading hours 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 50 day moving average of $34.47 and a two-hundred day moving average of $33.52. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. The firm has a market cap of $731.05 million, a price-to-earnings ratio of 13.28, a P/E/G ratio of 0.88 and a beta of 0.72. Washington Trust Bancorp has a 1-year low of $25.23 and a 1-year high of $39.85.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $60.47 million during the quarter, compared to analysts' expectations of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. As a group, research analysts predict that Washington Trust Bancorp will post 3.07 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Edward O. Handy III bought 3,195 shares of the business's stock in a transaction on Monday, April 27th. The stock was purchased at an average price of $31.32 per share, with a total value of $100,067.40. Following the transaction, the chief executive officer directly owned 51,442 shares in the company, valued at approximately $1,611,163.44. The trade was a 6.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP James Cannon Brown purchased 32,000 shares of the business's stock in a transaction dated Thursday, April 23rd. The shares were acquired at an average price of $31.17 per share, with a total value of $997,440.00. Following the completion of the acquisition, the executive vice president owned 37,280 shares of the company's stock, valued at approximately $1,162,017.60. The trade was a 606.06% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 36,801 shares of company stock worth $1,147,293 over the last ninety days. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings 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 purchasing an additional 542 shares in the last quarter. State of Wyoming bought a new stake in shares of Washington Trust Bancorp in the 1st quarter worth about $70,000. Federated Hermes Inc. increased its position in shares of Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after purchasing an additional 420 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings 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 valued at $67,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings 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 valued at $69,000 after purchasing an additional 1,869 shares during 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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