Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives Average Rating of "Hold" from Brokerages

Key Points

• Washington Trust Bancorp has received an average recommendation of "Hold" from four analysts, with one recommending a sell and two holding, while one analyst issued a strong buy rating.
• The company's stock currently has an average one-year target price of $29.00, with recent performances noted as having a 50-day moving average of $28.82 and a 200-day moving average of $28.65.
• Washington Trust Bancorp reported an EPS of $0.68 for the last quarter, surpassing the consensus estimate of $0.63, and had a revenue of $54.26 million, slightly above the expected $54.07 million.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has been given a consensus recommendation of "Hold" by the four analysts that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $29.00.

Several equities analysts recently weighed in on the company. Bank of America assumed coverage on Washington Trust Bancorp in a research report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price objective for the company. Piper Sandler cut Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective for the company. in a research report on Tuesday, July 22nd.

Washington Trust Bancorp Stock Down 1.7%

Shares of WASH traded down $0.52 during trading hours on Friday, hitting $29.87. 395,185 shares of the company were exchanged, compared to its average volume of 108,998. The company has a market cap of $572.31 million, a PE ratio of -19.78, a PEG ratio of 0.86 and a beta of 0.94. The firm's 50 day moving average is $28.83 and its 200-day moving average is $28.64. Washington Trust Bancorp has a 52 week low of $24.95 and a 52 week high of $40.59. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.04 and a current ratio of 1.05.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%.The company had revenue of $54.26 million during the quarter, compared to the consensus estimate of $54.07 million. During the same quarter in the prior year, the company posted $0.63 EPS. On average, equities research analysts forecast that Washington Trust Bancorp will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Wednesday, October 1st will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 7.5%. The ex-dividend date of this dividend is Wednesday, October 1st. Washington Trust Bancorp's payout ratio is currently -148.34%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several large investors have recently made changes to their positions in WASH. AlphaQuest LLC acquired a new position in Washington Trust Bancorp in the 2nd quarter valued at approximately $33,000. Ransom Advisory Ltd acquired a new position in Washington Trust Bancorp in the 1st quarter valued at approximately $40,000. Federated Hermes Inc. acquired a new position in Washington Trust Bancorp in the 1st quarter valued at approximately $53,000. Tower Research Capital LLC TRC raised its holdings in Washington Trust Bancorp by 200.8% in 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 in the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in Washington Trust Bancorp by 312.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,504 shares of the financial services provider's stock valued at $127,000 after acquiring an additional 3,412 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.