Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives $29.00 Average PT 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.

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) have been given a consensus rating of "Hold" by the four ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $29.00.

A number of brokerages have recently commented on WASH. Bank of America began coverage on Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price target on the stock. Piper Sandler lowered 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.

Washington Trust Bancorp Trading Up 0.1%

NASDAQ:WASH traded up $0.03 on Monday, reaching $30.33. The company's stock had a trading volume of 75,867 shares, compared to its average volume of 131,761. The firm has a market cap of $581.12 million, a PE ratio of -20.09, a PEG ratio of 0.86 and a beta of 0.91. The business's 50-day moving average price is $28.52 and its two-hundred day moving average price is $28.84. Washington Trust Bancorp has a 1-year low of $24.95 and a 1-year high of $40.59. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.04 and a current ratio of 1.05.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.05. The company had revenue of $54.26 million for the quarter, compared to analyst estimates 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 period in the previous year, the company posted $0.63 earnings per share. Equities research analysts anticipate 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 declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.4%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's payout ratio is -148.34%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of WASH. AlphaQuest LLC acquired a new position in Washington Trust Bancorp during the second quarter valued at approximately $33,000. Ransom Advisory Ltd bought a new stake in Washington Trust Bancorp in the first quarter valued at approximately $40,000. Federated Hermes Inc. bought a new stake in Washington Trust Bancorp in the first quarter valued at approximately $53,000. Tower Research Capital LLC TRC raised its stake in Washington Trust Bancorp by 200.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock valued at $67,000 after buying an additional 1,578 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in Washington Trust Bancorp by 312.5% in the second quarter. BNP Paribas Financial Markets now owns 4,504 shares of the financial services provider's stock valued at $127,000 after buying an additional 3,412 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.