Keefe, Bruyette & Woods Increases Washington Trust Bancorp (NASDAQ:WASH) Price Target to $34.00

Washington Trust Bancorp (NASDAQ:WASH) had its price objective upped by investment analysts at Keefe, Bruyette & Woods from $30.00 to $34.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential downside of 1.08% from the company’s previous close.

A number of other equities analysts also recently issued reports on WASH. Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Piper Sandler set a $32.00 price target on shares of Washington Trust Bancorp in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $31.33.

Washington Trust Bancorp Price Performance

NASDAQ WASH opened at $34.37 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.53. The company has a market cap of $654.06 million, a PE ratio of 12.73, a price-to-earnings-growth ratio of 0.74 and a beta of 0.86. Washington Trust Bancorp has a 52 week low of $24.95 and a 52 week high of $34.95. The firm’s 50-day simple moving average is $30.08 and its two-hundred day simple moving average is $28.93.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.08. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.83%. The business had revenue of $59.25 million for the quarter, compared to analysts’ expectations of $56.38 million. Research analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Institutional Trading of Washington Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in WASH. Foster Dykema Cabot & Partners LLC bought a new position in shares of Washington Trust Bancorp in the third quarter worth about $27,000. AlphaQuest LLC bought a new stake in Washington Trust Bancorp during the 2nd quarter valued at about $33,000. Federated Hermes Inc. boosted its position in Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after buying an additional 420 shares during the period. Tower Research Capital LLC TRC grew its stake in Washington Trust Bancorp by 200.8% in the 2nd 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 in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Washington Trust Bancorp by 367.2% during the third 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. Institutional investors own 65.81% of the company’s stock.

Key Headlines Impacting Washington Trust Bancorp

Here are the key news stories impacting Washington Trust Bancorp this week:

• Positive Sentiment: Q4 results beat estimates — WASH reported $0.83 EPS vs. $0.75 consensus and revenue above estimates, driving the immediate positive reaction. Read More.
• Positive Sentiment: Swing to profit and balance-sheet restructuring highlighted — company reported a return to quarterly profit ($52.2M reported in coverage) after restructuring and strategic shifts, which supports improved fundamentals. Read More.
• Positive Sentiment: Zacks Rank upgrade and multiple “Strong Buy” listings — WASH was added to Zacks Rank #1 and to growth, value and income-focused Strong Buy lists, increasing buy-side visibility. Read More.
• Positive Sentiment: Management set targets for 5% loan growth and margin expansion via new commercial hires — this guidance supports revenue and net interest margin improvement assumptions. Read More.
• Neutral Sentiment: Detailed earnings call transcript available — useful for investors wanting color on drivers (credit, expenses, capital actions) but not a standalone catalyst. Read More.
• Negative Sentiment: Keefe, Bruyette & Woods raised target to $34 but kept a “market perform” rating — the $34 target implies limited upside (roughly flat to slightly below current levels), which tempers the bullish momentum. Read More.

About Washington Trust Bancorp

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.