Analysts Set Washington Trust Bancorp, Inc. (NASDAQ:WASH) Price Target at $32.50

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have been assigned a consensus rating of “Moderate Buy” from the three brokerages that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $32.50.

Several equities research analysts have recently weighed in on WASH shares. Seaport Res Ptn raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 14th. Keefe, Bruyette & Woods reduced their price target on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a “market perform” rating for the company in a report on Tuesday, April 22nd. Finally, StockNews.com upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 31st.

Washington Trust Bancorp Stock Down 4.2%

WASH stock opened at $28.19 on Friday. The stock has a market capitalization of $543.81 million, a price-to-earnings ratio of -18.19 and a beta of 0.89. The company has a 50-day moving average of $28.66 and a two-hundred day moving average of $31.82. Washington Trust Bancorp has a 52-week low of $24.70 and a 52-week high of $40.59. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.01). The business had revenue of $59.07 million for the quarter, compared to the consensus estimate of $53.16 million. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. As a group, equities research analysts anticipate that Washington Trust Bancorp will post 2.76 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.95%. Washington Trust Bancorp’s dividend payout ratio is currently -143.59%.

Institutional Trading of Washington Trust Bancorp

Several institutional investors have recently modified their holdings of WASH. Ransom Advisory Ltd bought a new position in Washington Trust Bancorp in the first quarter worth $40,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Washington Trust Bancorp by 17.7% in the 1st 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 in the last quarter. EJF Capital LLC lifted its holdings in shares of Washington Trust Bancorp by 1.7% during the 1st quarter. EJF Capital LLC now owns 89,265 shares of the financial services provider’s stock worth $2,755,000 after acquiring an additional 1,494 shares during the period. AQR Capital Management LLC boosted its position in shares of Washington Trust Bancorp by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 190,729 shares of the financial services provider’s stock valued at $5,886,000 after acquiring an additional 9,032 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its position in shares of Washington Trust Bancorp by 97.8% during the 1st quarter. EP Wealth Advisors LLC now owns 15,795 shares of the financial services provider’s stock valued at $487,000 after acquiring an additional 7,808 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 operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.