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

Key Points

• Washington Trust Bancorp, Inc. has received an average recommendation of "Hold" from analysts, with one sell, two hold, and one strong buy ratings.
• The company's most recent quarterly earnings report showed $0.68 earnings per share, surpassing analyst expectations of $0.63.
• Washington Trust Bancorp recently announced a quarterly dividend of $0.56, reflecting a 7.5% dividend yield despite a negative payout ratio.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has been assigned an average recommendation of "Hold" from the four research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $29.00.

A number of research analysts have recently weighed in on the company. Bank of America started coverage on Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 target price on the stock. Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price target on the stock. in a report on Tuesday, July 22nd.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in WASH. The Manufacturers Life Insurance Company grew its holdings in Washington Trust Bancorp by 6,117.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock worth $12,658,000 after purchasing an additional 397,255 shares during the last quarter. Millennium Management LLC lifted its holdings 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 worth $7,096,000 after acquiring an additional 219,578 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Washington Trust Bancorp by 91.5% during the 2nd quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider's stock worth $12,343,000 after buying an additional 208,586 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Washington Trust Bancorp in the 4th quarter valued at $4,853,000. Finally, Soros Fund Management LLC purchased a new position in shares of Washington Trust Bancorp in the 4th quarter valued at $4,232,000. Institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Price Performance

Shares of WASH stock traded up $0.69 during trading hours on Monday, hitting $30.54. 190,918 shares of the company's stock were exchanged, compared to its average volume of 132,903. The stock's 50-day moving average is $28.38 and its 200-day moving average is $28.90. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.05 and a quick ratio of 1.04. The stock has a market cap of $585.15 million, a price-to-earnings ratio of -20.23, a price-to-earnings-growth ratio of 0.85 and a beta of 0.91. Washington Trust Bancorp has a 52 week low of $24.95 and a 52 week high of $40.59.

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

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.3%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio is -148.34%.

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.