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

Key Points

• Washington Trust Bancorp received a consensus “Hold” rating from four analysts, with an average 12-month price target of $34.50. Recent ratings have been mixed, including downgrades from Zacks Research and Seaport Research Partners.
• The stock was trading up 8.1% at $39.28, near its 52-week high of $39.85, and the company’s market cap is about $749 million. It also sports a 5.7% dividend yield after paying a $0.56 quarterly dividend.
• Washington Trust Bancorp’s latest quarterly results beat expectations, reporting $0.83 EPS versus the $0.77 estimate and revenue of $60.47 million. Institutional ownership remains high at 65.81%, and recent insider activity included both a CEO purchase and an EVP sale.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has been given a consensus rating of "Hold" by the four ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $34.50.

Several equities analysts have recently weighed in on the company. Zacks Research lowered Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Piper Sandler upped their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Weiss Ratings upgraded shares of Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, June 5th. Finally, Seaport Research Partners lowered shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday.

Washington Trust Bancorp Trading Up 8.1%

Shares of WASH opened at $39.28 on Wednesday. Washington Trust Bancorp has a twelve month low of $25.23 and a twelve month high of $39.85. The firm has a market capitalization of $749.07 million, a P/E ratio of 13.64, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09. The stock's fifty day simple moving average is $34.47 and its 200 day simple moving average is $33.52.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.77 by $0.06. The firm had revenue of $60.47 million during the quarter, compared to the consensus estimate of $59.91 million. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%. On average, equities research analysts forecast that Washington Trust Bancorp will post 3.07 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were given a $0.56 dividend. 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 (DPR) is presently 82.05%.

Insider Transactions at Washington Trust Bancorp

In related news, EVP Rolando A. Lora sold 885 shares of the company's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total transaction of $27,921.75. Following the sale, the executive vice president directly owned 11,292 shares of the company's stock, valued at approximately $356,262.60. This represents a 7.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Edward O. Handy III acquired 3,195 shares of the firm's stock in a transaction on Monday, April 27th. The stock was acquired at an average cost of $31.32 per share, with a total value of $100,067.40. Following the acquisition, the chief executive officer owned 51,442 shares of the company's stock, valued at $1,611,163.44. This trade represents a 6.62% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 36,801 shares of company stock valued at $1,147,293 over the last 90 days. Insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC grew its holdings in shares of Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 542 shares during the last quarter. Federated Hermes Inc. increased its position in Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after buying an additional 420 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock valued at $67,000 after acquiring an additional 1,578 shares during the period. Russell Investments Group Ltd. grew its position in shares of Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock worth $69,000 after acquiring an additional 1,869 shares during the last quarter. Finally, State of Wyoming bought a new stake in Washington Trust Bancorp in the 1st quarter valued at about $70,000. Institutional investors and hedge funds own 65.81% of the company's stock.

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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