Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives $31.00 Consensus PT from Analysts

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) have been given an average rating of "Moderate Buy" by the four research firms that are currently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $31.00.

Several equities analysts have recently issued reports on WASH shares. Keefe, Bruyette & Woods lowered their price objective on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd. Seaport Res Ptn raised shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 14th. Finally, Bank of America assumed coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price objective on the stock.

Washington Trust Bancorp Price Performance

Washington Trust Bancorp stock traded down $0.24 during trading hours on Friday, hitting $29.54. 106,988 shares of the company traded hands, compared to its average volume of 155,418. The firm has a market cap of $569.83 million, a P/E ratio of -18.94, a P/E/G ratio of 0.93 and a beta of 0.90. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.67. The firm's 50-day simple moving average is $28.26 and its two-hundred day simple moving average is $29.76. Washington Trust Bancorp has a 1-year low of $24.95 and a 1-year high of $40.59.

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 (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.01). The business had revenue of $59.07 million during the quarter, compared to analyst estimates of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.82% and a negative net margin of 6.60%. As a group, analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.58%. The ex-dividend date of this dividend is Tuesday, July 1st. Washington Trust Bancorp's payout ratio is -143.59%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Washington Trust Bancorp by 3.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,643 shares of the financial services provider's stock worth $302,000 after purchasing an additional 319 shares during the period. Linden Thomas Advisory Services LLC boosted its holdings in shares of Washington Trust Bancorp by 1.1% during the first quarter. Linden Thomas Advisory Services LLC now owns 36,775 shares of the financial services provider's stock worth $1,135,000 after purchasing an additional 401 shares during the period. LPL Financial LLC boosted its holdings in shares of Washington Trust Bancorp by 4.2% during the fourth quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock worth $573,000 after purchasing an additional 738 shares during the period. Shepherd Financial Partners LLC boosted its holdings in shares of Washington Trust Bancorp by 8.8% during the first quarter. Shepherd Financial Partners LLC now owns 10,167 shares of the financial services provider's stock worth $314,000 after purchasing an additional 819 shares during the period. Finally, Corebridge Financial Inc. boosted its holdings in shares of Washington Trust Bancorp by 11.4% during the first quarter. Corebridge Financial Inc. now owns 9,380 shares of the financial services provider's stock worth $289,000 after purchasing an additional 960 shares during the period. 65.81% of the stock is currently owned by institutional investors and hedge funds.

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.