Brokerages Set Washington Trust Bancorp, Inc. (NASDAQ:WASH) Price Target at $34.00

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) have been assigned an average rating of "Moderate Buy" from the three ratings firms that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $32.50.

A number of brokerages have recently weighed in on WASH. Seaport Res Ptn raised Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, March 14th. StockNews.com upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Friday, January 31st. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating for the company in a research note on Tuesday, April 22nd.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at about $32,000. Hantz Financial Services Inc. increased its position in shares of Washington Trust Bancorp by 15,152.6% in the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider's stock valued at $91,000 after buying an additional 2,879 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Washington Trust Bancorp during the 4th quarter worth approximately $97,000. State of Tennessee Department of Treasury purchased a new position in shares of Washington Trust Bancorp during the 4th quarter valued at approximately $131,000. Finally, Sanders Morris Harris LLC acquired a new stake in Washington Trust Bancorp in the 1st quarter valued at $216,000. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH traded down $0.31 during trading hours on Tuesday, hitting $27.73. 140,084 shares of the company were exchanged, compared to its average volume of 144,505. The company's 50 day moving average price is $29.46 and its 200-day moving average price is $32.45. The stock has a market capitalization of $534.52 million, a price-to-earnings ratio of -17.89 and a beta of 0.76. Washington Trust Bancorp has a 52-week low of $24.70 and a 52-week high of $40.59. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings data on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.01). The company had revenue of $59.07 million for the quarter, compared to analysts' expectations of $53.16 million. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. As a group, research analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 8.08%. The ex-dividend date of this dividend was Tuesday, April 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is -143.59%.

About Washington Trust Bancorp

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.