Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives $28.33 Average Target Price from Analysts

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have received an average rating of “Reduce” from the four brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating and three have issued a hold rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $28.3333.

Several analysts have commented on WASH shares. Piper Sandler lowered their price target on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating for the company in a report on Thursday, October 9th. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday. Finally, Keefe, Bruyette & Woods upped their price target on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 22nd.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors have recently bought and sold shares of WASH. Foster Dykema Cabot & Partners LLC bought a new position in Washington Trust Bancorp in the third quarter worth about $27,000. AlphaQuest LLC acquired a new position in shares of Washington Trust Bancorp during the second quarter valued at $33,000. Federated Hermes Inc. grew its position in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 420 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Washington Trust Bancorp by 367.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 1,869 shares during the period. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Trading Down 4.2%

Shares of WASH opened at $30.17 on Thursday. Washington Trust Bancorp has a fifty-two week low of $24.95 and a fifty-two week high of $34.13. The company has a market capitalization of $574.14 million, a PE ratio of -18.97, a price-to-earnings-growth ratio of 0.67 and a beta of 0.86. The stock has a fifty day moving average of $29.59 and a two-hundred day moving average of $28.84. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.01 and a current ratio of 1.02.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 14th. Shareholders of record on Friday, January 2nd were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date of this dividend was Friday, January 2nd. Washington Trust Bancorp’s payout ratio is -140.88%.

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.