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

Key Points

• Washington Trust Bancorp has a consensus analyst rating of "Hold", based on five covering firms, with an average 12-month price target of about $31.33.
• The company recently reported Q1 earnings of $0.66 per share, missing Wall Street estimates of $0.77, while revenue also came in slightly below expectations at $57.83 million.
• Washington Trust Bancorp continues to offer a high dividend yield, with a quarterly payout of $0.56 per share and an annualized yield of about 6.9%.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) has been given an average rating of "Hold" by the five ratings firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $31.3333.

A number of research analysts have recently weighed in on WASH shares. Weiss Ratings upgraded shares of Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. Piper Sandler started coverage on shares of Washington Trust Bancorp in a report on Monday, March 16th. They set a "neutral" rating and a $32.00 price target on the stock. Wall Street Zen upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, May 17th. Zacks Research lowered shares of Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a "market perform" rating in a research note on Friday, January 30th.

Washington Trust Bancorp Stock Up 1.2%

Washington Trust Bancorp stock opened at $32.46 on Wednesday. The company has a market capitalization of $619.01 million, a P/E ratio of 11.89, a P/E/G ratio of 0.77 and a beta of 0.73. The firm's fifty day simple moving average is $32.82 and its 200-day simple moving average is $31.82. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09. Washington Trust Bancorp has a 1-year low of $25.23 and a 1-year high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.77 by ($0.11). The business had revenue of $57.83 million for the quarter, compared to the consensus estimate of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. Sell-side analysts forecast that Washington Trust Bancorp will post 3.09 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were paid a $0.56 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $2.24 dividend on an annualized basis and a yield of 6.9%. Washington Trust Bancorp's dividend payout ratio (DPR) is presently 82.05%.

Insider Activity

In other news, EVP James Cannon Brown bought 32,000 shares of the stock in a transaction that occurred on Thursday, April 23rd. The shares were acquired at an average cost of $31.17 per share, for a total transaction of $997,440.00. Following the purchase, the executive vice president owned 37,280 shares of the company's stock, valued at $1,162,017.60. This represents a 606.06% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Rolando A. Lora sold 885 shares of the firm's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $31.55, for a total transaction of $27,921.75. Following the completion of the transaction, the executive vice president owned 11,292 shares in the company, valued at $356,262.60. The trade was a 7.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have acquired 36,801 shares of company stock valued at $1,147,293. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its position in Washington Trust Bancorp by 35.5% in the 1st quarter. Bank of America Corp DE now owns 103,355 shares of the financial services provider's stock worth $3,458,000 after purchasing an additional 27,080 shares during the last quarter. Amundi acquired a new stake in Washington Trust Bancorp in the 1st quarter worth $204,000. Empowered Funds LLC grew its position in Washington Trust Bancorp by 556.6% in the 1st quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider's stock worth $2,225,000 after purchasing an additional 57,329 shares during the last quarter. Quantinno Capital Management LP grew its position in Washington Trust Bancorp by 20.8% in the 1st quarter. Quantinno Capital Management LP now owns 42,672 shares of the financial services provider's stock worth $1,428,000 after purchasing an additional 7,356 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Washington Trust Bancorp by 108.6% in the 1st quarter. Renaissance Technologies LLC now owns 77,959 shares of the financial services provider's stock worth $2,609,000 after purchasing an additional 40,591 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

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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