Washington Trust Bancorp (NASDAQ:WASH) Upgraded at Zacks Research

Zacks Research upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday,Zacks.com reports.

Other analysts also recently issued reports about the company. Piper Sandler set a $32.00 price objective on Washington Trust Bancorp in a research report on Thursday. Keefe, Bruyette & Woods boosted their target price on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Friday. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $31.33.

Washington Trust Bancorp Stock Up 1.0%

WASH stock opened at $34.37 on Thursday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.02 and a quick ratio of 1.01. The company’s 50 day simple moving average is $30.08 and its 200-day simple moving average is $28.93. Washington Trust Bancorp has a 12 month low of $24.95 and a 12 month high of $34.95. The firm has a market capitalization of $654.06 million, a PE ratio of 12.73, a P/E/G ratio of 0.74 and a beta of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data 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. The firm had revenue of $59.25 million during the quarter, compared to the consensus estimate of $56.38 million. Washington Trust Bancorp had a return on equity of 9.83% and a net margin of 13.26%. Equities analysts expect that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 14th. Stockholders of record on Friday, January 2nd were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 6.5%. The ex-dividend date was Friday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is presently 82.96%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently bought and sold shares of WASH. Brown Lisle Cummings Inc. increased its position in Washington Trust Bancorp by 13.6% during the fourth quarter. Brown Lisle Cummings Inc. now owns 46,478 shares of the financial services provider’s stock worth $1,373,000 after purchasing an additional 5,571 shares during the last quarter. Signaturefd LLC grew its stake in shares of Washington Trust Bancorp by 14.0% during the 4th quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider’s stock valued at $116,000 after buying an additional 481 shares during the period. SG Americas Securities LLC increased its holdings in shares of Washington Trust Bancorp by 1,417.2% during the 4th quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider’s stock worth $2,908,000 after buying an additional 91,936 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Washington Trust Bancorp by 73.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 44,118 shares of the financial services provider’s stock worth $1,275,000 after buying an additional 18,735 shares during the period. Finally, Verition Fund Management LLC raised its position in shares of Washington Trust Bancorp by 19.3% in the 3rd quarter. Verition Fund Management LLC now owns 22,914 shares of the financial services provider’s stock worth $662,000 after buying an additional 3,701 shares during the period. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories 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.

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.