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

Key Points

• Consensus "Hold" rating: Five analysts cover Washington Trust Bancorp (4 hold, 1 strong-buy) with an average 1-year price target of $31.33 while the stock recently traded around $34.16, above the consensus target.
• Attractive dividend but high payout: The company declared a $0.56 quarterly dividend (annualized $2.24) for a 6.6% yield, with an 82.96% payout ratio and an ex-dividend date of April 1.
• Solid recent results and heavy institutional ownership: Q1 EPS beat estimates ($0.83 vs. $0.75), the stock trades at a PE of 12.65, and about 65.81% of shares are held by hedge funds and other institutions amid recent incremental buying.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has been assigned a consensus rating of "Hold" from the five research firms that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $31.3333.

WASH has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their price target on Washington Trust Bancorp from $30.00 to $34.00 and gave the company a "market perform" rating in a report on Friday, January 30th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Piper Sandler began coverage on Washington Trust Bancorp in a research report on Monday, March 16th. They set a "neutral" rating and a $32.00 price objective on the stock. Wall Street Zen downgraded Washington Trust Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, March 21st. Finally, Zacks Research upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 29th.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Washington Trust Bancorp in the third quarter worth approximately $27,000. EverSource Wealth Advisors LLC raised its holdings in shares of Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after buying an additional 542 shares during the period. Federated Hermes Inc. raised its holdings in shares of Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after buying an additional 420 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of 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 worth $67,000 after buying an additional 1,578 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of Washington Trust Bancorp by 367.2% in the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock worth $69,000 after buying an additional 1,869 shares during the period. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Stock Up 1.4%

Washington Trust Bancorp stock opened at $34.16 on Tuesday. The stock has a fifty day moving average of $34.00 and a 200 day moving average of $30.66. Washington Trust Bancorp has a one year low of $25.13 and a one year high of $37.08. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $650.41 million, a PE ratio of 12.65, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.08. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%.The business had revenue of $59.25 million during the quarter, compared to analyst estimates of $56.38 million. As a group, sell-side analysts predict that Washington Trust Bancorp will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.6%. The ex-dividend date is Wednesday, April 1st. Washington Trust Bancorp's dividend payout ratio is presently 82.96%.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company's core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.

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