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

Key Points

• Analyst consensus: Hold — Five analysts average a "Hold" rating (four holds, one buy) with a 12‑month price target of about $31.33, roughly in line with the current share price.
• Significant insider buying — EVP James Cannon Brown bought 32,000 shares at ~$31.17 and executives increased positions in the quarter (insiders now own 1.30%), signaling management confidence.
• Yield and recent results — The company pays a $0.56 quarterly dividend (annualized $2.24, ~7.0% yield) but has an 82% payout ratio; the latest quarter missed estimates with $0.66 EPS vs $0.77 expected and revenue slightly below forecasts.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has earned a consensus rating of "Hold" from the five research firms that are covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $31.3333.

WASH has been the topic of a number of recent research reports. Wall Street Zen lowered Washington Trust Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, April 25th. Zacks Research cut Washington Trust Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Piper Sandler began coverage on Washington Trust Bancorp in a report on Monday, March 16th. They issued a "neutral" rating and a $32.00 price target for the company. Weiss Ratings raised Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. Finally, Keefe, Bruyette & Woods boosted their price target on Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a "market perform" rating in a report on Friday, January 30th.

Insider Activity at Washington Trust Bancorp

In other news, EVP James Cannon Brown bought 32,000 shares of the business's stock in a transaction that occurred on Thursday, April 23rd. The stock was purchased at an average price of $31.17 per share, with a total value of $997,440.00. Following the purchase, the executive vice president owned 37,280 shares of the company's stock, valued at $1,162,017.60. This trade represents a 606.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Ronald S. Ohsberg bought 1,606 shares of the business's stock in a transaction that occurred on Friday, April 24th. The stock was purchased at an average cost of $31.00 per share, with a total value of $49,786.00. Following the purchase, the chief financial officer directly owned 29,705 shares in the company, valued at $920,855. The trade was a 5.72% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 36,801 shares of company stock valued at $1,147,293. 1.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Foster Dykema Cabot & Partners LLC acquired a new position in Washington Trust Bancorp in the 3rd quarter valued at about $27,000. EverSource Wealth Advisors LLC raised its stake in Washington Trust Bancorp by 114.6% in the 4th 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. raised its stake in Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 420 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of 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 acquiring an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of 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 acquiring an additional 1,869 shares during the last quarter. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Price Performance

Washington Trust Bancorp stock opened at $31.94 on Friday. Washington Trust Bancorp has a 52 week low of $25.23 and a 52 week high of $37.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.19. The firm's 50-day simple moving average is $33.45 and its 200 day simple moving average is $31.24. The firm has a market capitalization of $608.14 million, a PE ratio of 11.70, a P/E/G ratio of 0.67 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.11). Washington Trust Bancorp had a return on equity of 9.85% and a net margin of 13.71%.The business had revenue of $57.83 million during the quarter, compared to analysts' expectations of $58.24 million. On average, equities research analysts predict that Washington Trust Bancorp will post 3.19 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $2.24 annualized dividend and a yield of 7.0%. Washington Trust Bancorp's payout ratio is presently 82.05%.

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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