Washington Trust Bancorp (NASDAQ:WASH) Price Target Raised to $36.00 at Keefe, Bruyette & Woods

Washington Trust Bancorp (NASDAQ:WASH) had its target price raised by Keefe, Bruyette & Woods from $33.00 to $36.00 in a research report report published on Wednesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

WASH has been the topic of several other reports. Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Zacks Research lowered Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Piper Sandler boosted their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $35.50.

Washington Trust Bancorp Stock Down 2.2%

Shares of WASH opened at $38.41 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99. Washington Trust Bancorp has a 52 week low of $25.23 and a 52 week high of $39.85. The stock has a market capitalization of $732.48 million, a price-to-earnings ratio of 13.34, a PEG ratio of 0.95 and a beta of 0.72. The stock has a fifty day moving average of $34.61 and a 200-day moving average of $33.59.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%.The business had revenue of $60.47 million for the quarter, compared to analyst estimates of $59.91 million. As a group, sell-side analysts anticipate that Washington Trust Bancorp will post 3.07 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were issued a $0.56 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 annualized dividend and a yield of 5.8%. Washington Trust Bancorp’s dividend payout ratio is presently 82.05%.

Insider Buying and Selling at Washington Trust Bancorp

In related news, EVP Rolando A. Lora sold 885 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total value of $27,921.75. Following the transaction, the executive vice president directly owned 11,292 shares in the company, valued at $356,262.60. This trade represents a 7.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward O. Handy III purchased 3,195 shares of Washington Trust Bancorp stock in a transaction that occurred on Monday, April 27th. The stock was acquired at an average cost of $31.32 per share, with a total value of $100,067.40. Following the transaction, the chief executive officer owned 51,442 shares in the company, valued at $1,611,163.44. This trade represents a 6.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Washington Trust Bancorp by 17.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock valued at $350,000 after buying an additional 1,708 shares during the last quarter. Legal & General Group Plc increased its position in shares of Washington Trust Bancorp by 8.1% during the second quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock worth $546,000 after acquiring an additional 1,448 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Washington Trust Bancorp by 9.8% in the 2nd quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider’s stock worth $847,000 after acquiring an additional 2,670 shares during the last quarter. Quantbot Technologies LP bought a new position in Washington Trust Bancorp in the 2nd quarter valued at about $409,000. Finally, Invesco Ltd. lifted its position in Washington Trust Bancorp by 3.0% in the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock valued at $8,608,000 after acquiring an additional 8,938 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

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.