Washington Trust Bancorp, Inc. (NASDAQ:WASH) Stock Has Consensus Price Target of $35.50

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have earned an average rating of “Hold” from the four research firms that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $35.50.

WASH has been the topic of several analyst reports. Zacks Research raised shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 23rd. 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. Piper Sandler raised their price objective on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Seaport Research Partners cut shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, September 2nd.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Brown Lisle Cummings Inc. boosted its stake in Washington Trust Bancorp by 1.3% during the 1st 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 period. Hennion & Walsh Asset Management Inc. grew its holdings in Washington Trust Bancorp by 8.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 9,168 shares of the financial services provider’s stock valued at $334,000 after buying an additional 740 shares during the last quarter. Rockland Trust Co. increased its position in Washington Trust Bancorp by 3.0% in the 2nd quarter. Rockland Trust Co. now owns 26,527 shares of the financial services provider’s stock worth $968,000 after buying an additional 770 shares during the period. Allworth Financial LP increased its position in Washington Trust Bancorp by 185.1% in the 2nd quarter. Allworth Financial LP now owns 1,380 shares of the financial services provider’s stock worth $50,000 after buying an additional 896 shares during the period. Finally, Amundi lifted its holdings in shares of Washington Trust Bancorp by 25.8% during the second quarter. Amundi now owns 7,674 shares of the financial services provider’s stock worth $280,000 after buying an additional 1,574 shares during the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Trading Down 2.0%

Shares of WASH opened at $37.44 on Monday. The business’s 50-day moving average price is $39.24 and its 200 day moving average price is $36.00. The stock has a market capitalization of $713.98 million, a P/E ratio of 13.00, a P/E/G ratio of 0.87 and a beta of 0.73. Washington Trust Bancorp has a 1-year low of $25.23 and a 1-year high of $40.54. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%.The firm had revenue of $60.47 million for the quarter, compared to the consensus estimate of $59.91 million. Analysts expect that Washington Trust Bancorp will post 3.2 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Thursday, October 1st will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Thursday, October 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is 77.78%.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States and serves individuals, families, businesses and institutions.

The bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business banking and cash-management services.