Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives $34.50 Average Target Price from Analysts

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have received an average recommendation of “Hold” from the four brokerages that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $35.50.

WASH has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Keefe, Bruyette & Woods upped their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday. 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 lifted their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ:WASH opened at $38.39 on Wednesday. The stock has a market capitalization of $732.10 million, a P/E ratio of 13.33, a P/E/G ratio of 0.89 and a beta of 0.72. Washington Trust Bancorp has a 1-year low of $25.23 and a 1-year high of $39.85. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09. The business has a 50-day moving average price of $34.88 and a two-hundred day moving average price of $33.68.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $60.47 million for the quarter, compared to analysts’ expectations of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. Equities analysts predict that Washington Trust Bancorp will post 3.15 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 77.78%.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Federated Hermes Inc. raised its stake 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 acquiring an additional 420 shares during the period. Signaturefd LLC boosted its position in Washington Trust Bancorp by 14.0% during the fourth quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider’s stock worth $116,000 after purchasing an additional 481 shares during the period. BNP Paribas Financial Markets boosted its position in Washington Trust Bancorp by 11.7% during the third quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 526 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 542 shares during the last quarter. Finally, Brown Lisle Cummings Inc. increased its holdings in shares of Washington Trust Bancorp by 1.3% in the first quarter. Brown Lisle Cummings Inc. now owns 47,098 shares of the financial services provider’s stock valued at $1,576,000 after purchasing an additional 620 shares during the last quarter. Institutional investors 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.