Brokerages Set Washington Trust Bancorp, Inc. (NASDAQ:WASH) Price Target at $31.00

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

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

Washington Trust Bancorp Stock Down 2.3%

WASH stock traded down $0.63 during mid-day trading on Wednesday, hitting $27.21. The stock had a trading volume of 131,620 shares, compared to its average volume of 151,645. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp has a 1-year low of $24.91 and a 1-year high of $40.59. The company has a fifty day moving average of $27.87 and a 200 day moving average of $30.60. The stock has a market capitalization of $524.91 million, a price-to-earnings ratio of -17.55 and a beta of 0.91.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.01). Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. The firm had revenue of $59.07 million during the quarter, compared to analyst estimates of $53.16 million. On average, equities analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be given a $0.56 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $2.24 annualized dividend and a yield of 8.23%. Washington Trust Bancorp's payout ratio is -143.59%.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Proficio Capital Partners LLC acquired a new stake in shares of Washington Trust Bancorp in the 4th quarter valued at $1,955,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Washington Trust Bancorp in the 4th quarter valued at $369,000. BNP Paribas Financial Markets increased its stake in shares of Washington Trust Bancorp by 17.9% in the 4th quarter. BNP Paribas Financial Markets now owns 16,170 shares of the financial services provider's stock valued at $507,000 after buying an additional 2,455 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Washington Trust Bancorp in the 4th quarter valued at $676,000. Finally, Millennium Management LLC increased its stake in shares of Washington Trust Bancorp by 3,240.0% in the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock valued at $7,096,000 after buying an additional 219,578 shares during the period. 65.81% of the stock is 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.