Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives $32.50 Consensus Price Target from Analysts

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have received an average recommendation of “Moderate Buy” from the three analysts that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $32.50.

Several equities research analysts recently issued reports on the company. Seaport Res Ptn upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, March 14th. StockNews.com raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 31st. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a “market perform” rating for the company in a research note on Tuesday, April 22nd.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of institutional investors have recently modified their holdings of WASH. The Manufacturers Life Insurance Company increased its stake in Washington Trust Bancorp by 6,117.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider’s stock valued at $12,658,000 after purchasing an additional 397,255 shares during the period. Millennium Management LLC raised its stake in Washington Trust Bancorp by 3,240.0% during the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider’s stock valued at $7,096,000 after acquiring an additional 219,578 shares during the last quarter. Franklin Resources Inc. acquired a new stake in Washington Trust Bancorp during the 4th quarter worth approximately $6,824,000. Wellington Management Group LLP purchased a new position in shares of Washington Trust Bancorp in the 4th quarter valued at approximately $4,853,000. Finally, Soros Fund Management LLC acquired a new position in shares of Washington Trust Bancorp in the fourth quarter valued at approximately $4,232,000. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Stock Down 0.3%

WASH opened at $29.36 on Friday. The company has a market cap of $566.38 million, a PE ratio of -18.94 and a beta of 0.89. Washington Trust Bancorp has a twelve month low of $24.70 and a twelve month high of $40.59. The company has a 50-day moving average price of $28.72 and a 200 day moving average price of $31.86. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.01). The business had revenue of $59.07 million during the quarter, compared to analyst estimates of $53.16 million. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. Sell-side analysts expect that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 7.63%. The ex-dividend date was Tuesday, April 1st. Washington Trust Bancorp’s dividend payout ratio is currently -143.59%.

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.