Brokerages Set Washington Trust Bancorp, Inc. (NASDAQ:WASH) PT at $31.33

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have been given a consensus rating of “Hold” by the five brokerages that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $31.3333.

A number of equities research analysts have recently issued reports on WASH shares. Piper Sandler set a $32.00 target price on shares of Washington Trust Bancorp in a research report on Thursday, January 29th. Keefe, Bruyette & Woods lifted their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Friday, January 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Finally, Zacks Research upgraded shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 29th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of WASH. Foster Dykema Cabot & Partners LLC bought a new stake in Washington Trust Bancorp during the third quarter worth about $27,000. EverSource Wealth Advisors LLC raised its position in shares of Washington Trust Bancorp by 114.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after buying an additional 542 shares in the last quarter. AlphaQuest LLC acquired a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at approximately $33,000. Federated Hermes Inc. lifted its holdings in shares of Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 420 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Washington Trust Bancorp by 200.8% during 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. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Trading Up 1.6%

Shares of NASDAQ:WASH opened at $35.94 on Monday. Washington Trust Bancorp has a 12-month low of $24.95 and a 12-month high of $37.08. The business has a 50 day moving average of $32.08 and a 200-day moving average of $29.76. 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 stock has a market cap of $684.12 million, a PE ratio of 13.31, a P/E/G ratio of 0.74 and a beta of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. Washington Trust Bancorp had a return on equity of 9.83% and a net margin of 13.26%.The company had revenue of $59.25 million for the quarter, compared to analyst estimates of $56.38 million. As a group, equities research analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 14th. Shareholders of record on Friday, January 2nd were issued a $0.56 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.24 annualized dividend and a yield of 6.2%. Washington Trust Bancorp’s payout ratio is currently 82.96%.

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.