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

Key Points

• Washington Trust Bancorp, Inc. has received a consensus recommendation of "Hold" from four research firms, with an average twelve-month price target of $29.00.
• The company recently reported $0.68 EPS for the quarter, exceeding analysts' estimates of $0.63, and had revenue of $54.26 million.
• Washington Trust Bancorp also announced a quarterly dividend of $0.56, resulting in an annualized yield of 8.32%, despite a dividend payout ratio of -148.34%.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has earned a consensus rating of "Hold" from the four brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $29.00.

A number of research firms have commented on WASH. Bank of America began coverage on Washington Trust Bancorp in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price target on the stock. Keefe, Bruyette & Woods reduced their price target 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. Finally, Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective on the stock. in a research note on Tuesday, July 22nd.

Washington Trust Bancorp Price Performance

WASH stock traded down $0.51 during midday trading on Thursday, reaching $26.43. 195,156 shares of the stock were exchanged, compared to its average volume of 156,677. The stock has a market capitalization of $509.83 million, a PE ratio of -17.50, a P/E/G ratio of 0.90 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. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.03 and a quick ratio of 1.03. The company has a fifty day moving average price of $28.09 and a 200 day moving average price of $29.42.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released 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. Washington Trust Bancorp had a positive return on equity of 9.14% and a negative net margin of 6.10%. The firm had revenue of $54.26 million for the quarter, compared to analyst estimates of $54.07 million. During the same quarter in the previous year, the company posted $0.63 EPS. As a group, analysts expect that Washington Trust Bancorp will post 2.76 EPS 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. Investors of record on Tuesday, July 1st were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 8.5%. The ex-dividend date of this dividend was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio is -148.34%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WASH. AlphaQuest LLC acquired a new position in Washington Trust Bancorp during the 2nd quarter worth approximately $33,000. Ransom Advisory Ltd purchased a new stake in shares of Washington Trust Bancorp in the first quarter worth approximately $40,000. Federated Hermes Inc. purchased a new stake in shares of Washington Trust Bancorp in the first quarter worth approximately $53,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Washington Trust Bancorp in the fourth quarter worth approximately $97,000. Finally, State of Tennessee Department of Treasury purchased a new stake in shares of Washington Trust Bancorp in the fourth quarter worth approximately $131,000. 65.81% of the stock is owned by institutional investors and hedge funds.

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.