Washington Trust Bancorp (NASDAQ:WASH) Given New $27.00 Price Target at Piper Sandler

Key Points

• Piper Sandler has lowered the price target for Washington Trust Bancorp from $28.00 to $27.00, indicating an "underweight" rating for the stock.
• Weiss Ratings reaffirmed a "hold (c-)" rating on Washington Trust Bancorp shares, with the average price target being $28.67 based on various analyst ratings.
• Washington Trust Bancorp reported a quarterly earning of $0.68 per share, exceeding estimates, with analysts projecting a total of $2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) had its target price decreased by research analysts at Piper Sandler from $28.00 to $27.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an "underweight" rating on the financial services provider's stock. Piper Sandler's price target indicates a potential upside of 1.64% from the company's previous close.

Separately, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Washington Trust Bancorp in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Washington Trust Bancorp has an average rating of "Hold" and an average price target of $28.67.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH traded down $1.80 during mid-day trading on Thursday, reaching $26.57. 100,918 shares of the stock were exchanged, compared to its average volume of 160,476. The company has a 50 day simple moving average of $29.01 and a 200-day simple moving average of $28.51. The stock has a market capitalization of $508.99 million, a P/E ratio of -17.61, a P/E/G ratio of 0.82 and a beta of 0.91. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94. Washington Trust Bancorp has a 1 year low of $24.95 and a 1 year high of $40.59.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. The firm had revenue of $54.26 million for the quarter, compared to the consensus estimate 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 last year, the business posted $0.63 EPS. Analysts anticipate that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Institutional Trading of Washington Trust Bancorp

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Washington Trust Bancorp by 8.3% in the 1st quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider's stock valued at $34,545,000 after buying an additional 86,062 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Washington Trust Bancorp by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 473,378 shares of the financial services provider's stock valued at $13,389,000 after buying an additional 6,570 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Washington Trust Bancorp by 91.5% in the 2nd quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider's stock valued at $12,343,000 after buying an additional 208,586 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of Washington Trust Bancorp by 27.4% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 386,110 shares of the financial services provider's stock valued at $11,915,000 after buying an additional 82,960 shares during the period. Finally, Invesco Ltd. raised its holdings in Washington Trust Bancorp by 3.0% during the second quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider's stock worth $8,608,000 after purchasing an additional 8,938 shares during the last quarter. 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.

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