Keefe, Bruyette & Woods Lowers Washington Trust Bancorp (NASDAQ:WASH) Price Target to $31.00

Washington Trust Bancorp (NASDAQ:WASH - Free Report) had its price objective trimmed by Keefe, Bruyette & Woods from $34.00 to $31.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a market perform rating on the financial services provider's stock.

Several other research analysts have also issued reports on WASH. StockNews.com upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, January 31st. Seaport Res Ptn raised Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 14th.

Washington Trust Bancorp Trading Down 1.1 %

NASDAQ:WASH traded down $0.31 on Tuesday, hitting $27.73. 140,084 shares of the stock were exchanged, compared to its average volume of 144,505. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. Washington Trust Bancorp has a 52 week low of $24.70 and a 52 week high of $40.59. The stock has a market capitalization of $534.52 million, a price-to-earnings ratio of -17.89 and a beta of 0.76. The company's 50-day moving average price is $29.46 and its 200 day moving average price is $32.45.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.01). Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. The business had revenue of $59.07 million for the quarter, compared to the consensus estimate of $53.16 million. On average, equities research analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 8.08%. Washington Trust Bancorp's dividend payout ratio is -143.59%.

Institutional Trading of Washington Trust Bancorp

A number of large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Washington Trust Bancorp by 3.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,643 shares of the financial services provider's stock worth $302,000 after acquiring an additional 319 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Washington Trust Bancorp by 1.5% during the 4th quarter. Kestra Private Wealth Services LLC now owns 36,015 shares of the financial services provider's stock valued at $1,129,000 after purchasing an additional 544 shares in the last quarter. SG Americas Securities LLC grew its position in shares of Washington Trust Bancorp by 5.9% in the 4th quarter. SG Americas Securities LLC now owns 12,229 shares of the financial services provider's stock valued at $383,000 after purchasing an additional 682 shares during the period. Essex Financial Services Inc. grew its position in shares of Washington Trust Bancorp by 10.9% in the 4th quarter. Essex Financial Services Inc. now owns 7,366 shares of the financial services provider's stock valued at $231,000 after purchasing an additional 726 shares during the period. Finally, LPL Financial LLC increased its stake in Washington Trust Bancorp by 4.2% during the 4th quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock worth $573,000 after purchasing an additional 738 shares in the last quarter. Institutional investors own 65.81% of the company's stock.

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.