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

Key Points

• Analysts give Washington Trust Bancorp an average “Hold” rating: Three of four analysts recommend holding the stock, while one recommends buying it. The average 12-month price target is $35.50, below the reported opening price of $40.19.
• The company exceeded quarterly expectations, reporting earnings per share of $0.83 versus the $0.77 consensus estimate and revenue of $60.47 million versus $59.91 million expected.
• Washington Trust Bancorp paid a quarterly dividend of $0.56 per share, equivalent to $2.24 annually and a 5.6% yield; institutional investors own 65.81% of the company.

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) have earned an average recommendation of "Hold" from the four analysts that are currently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $35.50.

WASH has been the subject of a number of research reports. Wall Street Zen raised Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. 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. Piper Sandler upped their price objective 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. Keefe, Bruyette & Woods boosted their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Finally, Zacks Research raised shares of Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a report on Thursday, July 23rd.

Washington Trust Bancorp Price Performance

NASDAQ WASH opened at $40.19 on Friday. 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 stock's fifty day moving average price is $36.98 and its 200 day moving average price is $34.64. Washington Trust Bancorp has a 1 year low of $25.23 and a 1 year high of $40.50. The company has a market cap of $766.42 million, a price-to-earnings ratio of 13.95, a PEG ratio of 0.92 and a beta of 0.72.

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 for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $60.47 million for the quarter, compared to the consensus estimate of $59.91 million. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%. As a group, equities research analysts forecast that Washington Trust Bancorp will post 3.2 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.6%. Washington Trust Bancorp's dividend payout ratio (DPR) is presently 77.78%.

Institutional Trading of Washington Trust Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jupiter Topco LLC purchased a new position in Washington Trust Bancorp in the second quarter valued at $276,000. Legal & General Group Plc purchased a new stake in shares of Washington Trust Bancorp during the 2nd quarter worth about $507,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Washington Trust Bancorp during the 2nd quarter worth about $10,556,000. Quantbot Technologies LP acquired a new stake in shares of Washington Trust Bancorp during the 2nd quarter valued at about $166,000. Finally, EP Wealth Advisors LLC purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at about $245,000. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Company Profile

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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