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

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the four ratings firms that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $31.00.

Several equities analysts recently issued reports on the company. Seaport Res Ptn upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 14th. Keefe, Bruyette & Woods lowered 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 note on Tuesday, April 22nd. Finally, Bank of America started coverage on Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price target for the company.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WASH. Proficio Capital Partners LLC acquired a new position in Washington Trust Bancorp during the 4th quarter valued at approximately $1,955,000. Arrowstreet Capital Limited Partnership bought a new stake in Washington Trust Bancorp in the fourth quarter valued at $369,000. BNP Paribas Financial Markets boosted its holdings in shares of Washington Trust Bancorp by 17.9% during the fourth quarter. BNP Paribas Financial Markets now owns 16,170 shares of the financial services provider's stock valued at $507,000 after acquiring an additional 2,455 shares during the period. Teacher Retirement System of Texas bought a new position in shares of Washington Trust Bancorp during the fourth quarter worth about $676,000. Finally, Franklin Resources Inc. acquired a new stake in shares of Washington Trust Bancorp in the 4th quarter worth about $6,824,000. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Stock Down 0.9%

Shares of NASDAQ:WASH traded down $0.24 during trading hours on Wednesday, reaching $27.90. The stock had a trading volume of 120,061 shares, compared to its average volume of 150,805. Washington Trust Bancorp has a 1 year low of $24.70 and a 1 year high of $40.59. The firm's 50 day moving average is $27.78 and its 200-day moving average is $30.81. The stock has a market capitalization of $538.22 million, a price-to-earnings ratio of -18.00 and a beta of 0.91. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10.

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

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 8.03%. The ex-dividend date was Tuesday, April 1st. Washington Trust Bancorp's payout ratio is -143.59%.

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.