Washington Trust Bancorp (NASDAQ:WASH) Trading Down 5.9% After Analyst Downgrade

Key Points

• Washington Trust Bancorp's share price declined 5.9% following a downgrade by Piper Sandler, which lowered its price target from $28.00 to $27.00.
• Weiss Ratings has restated a "hold (c-)" rating for the stock, with a consensus analyst rating of "Hold" and an average price target of $28.67.
• The company announced a quarterly dividend of $0.56 per share, representing an annualized yield of 8.4%, even though the dividend payout ratio is negative at -148.34%.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report)'s share price dropped 5.9% during mid-day trading on Thursday after Piper Sandler lowered their price target on the stock from $28.00 to $27.00. Piper Sandler currently has an underweight rating on the stock. Washington Trust Bancorp traded as low as $26.94 and last traded at $26.70. 48,383 shares were traded during trading, a decline of 70% from the average daily volume of 160,329 shares. The stock had previously closed at $28.36.

Separately, Weiss Ratings restated a "hold (c-)" rating on shares of Washington Trust Bancorp in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Washington Trust Bancorp currently has an average rating of "Hold" and a consensus price target of $28.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Linden Thomas Advisory Services LLC lifted its position in shares of Washington Trust Bancorp by 1.1% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 36,775 shares of the financial services provider's stock worth $1,135,000 after buying an additional 401 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of Washington Trust Bancorp by 24.6% during the 2nd 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 in the last quarter. Barrett & Company Inc. boosted its position in shares of Washington Trust Bancorp by 10.1% during the 2nd quarter. Barrett & Company Inc. now owns 5,646 shares of the financial services provider's stock worth $160,000 after purchasing an additional 518 shares in the last quarter. CWM LLC grew its stake in shares of Washington Trust Bancorp by 6.2% during the 2nd quarter. CWM LLC now owns 12,501 shares of the financial services provider's stock worth $354,000 after purchasing an additional 734 shares during the period. Finally, Shepherd Financial Partners LLC grew its stake in shares of Washington Trust Bancorp by 8.8% during the 1st quarter. Shepherd Financial Partners LLC now owns 10,167 shares of the financial services provider's stock worth $314,000 after purchasing an additional 819 shares during the period. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Stock Performance

The stock has a market capitalization of $513.49 million, a price-to-earnings ratio of -17.75, a PEG ratio of 0.82 and a beta of 0.91. The stock's 50 day moving average is $29.01 and its 200 day moving average is $28.51. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $54.26 million for the quarter, compared to analysts' expectations of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. During the same period in the prior year, the company earned $0.63 EPS. On average, analysts predict that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 8.4%. The ex-dividend date is Wednesday, October 1st. Washington Trust Bancorp's dividend payout ratio is -148.34%.

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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