Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives Average Rating of “Hold” from Brokerages

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have received a consensus rating of “Hold” from the five analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $31.3333.

WASH has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised 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 report on Friday, January 30th. Piper Sandler initiated coverage on shares of Washington Trust Bancorp in a report on Monday, March 16th. They set a “neutral” rating and a $32.00 price objective for the company. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Weiss Ratings raised shares of Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, April 21st. Finally, Zacks Research downgraded shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th.

Insider Buying and Selling at Washington Trust Bancorp

In other news, EVP James Cannon Brown purchased 32,000 shares of the business’s stock in a transaction that occurred on Thursday, April 23rd. The stock was purchased at an average cost of $31.17 per share, with a total value of $997,440.00. Following the acquisition, the executive vice president directly owned 37,280 shares of the company’s stock, valued at approximately $1,162,017.60. This trade represents a 606.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Ronald S. Ohsberg purchased 1,606 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The shares were purchased at an average cost of $31.00 per share, with a total value of $49,786.00. Following the completion of the acquisition, the chief financial officer directly owned 29,705 shares in the company, valued at $920,855. The trade was a 5.72% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 36,801 shares of company stock valued at $1,147,293 over the last quarter. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Washington Trust Bancorp

Institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its stake in shares of Washington Trust Bancorp by 24.6% in the second 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 last quarter. Signaturefd LLC raised its stake in shares of Washington Trust Bancorp by 14.0% in the fourth quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider’s stock worth $116,000 after acquiring an additional 481 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Washington Trust Bancorp by 11.7% in the third quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 526 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake 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 worth $30,000 after acquiring an additional 542 shares during the last quarter. Finally, Brown Lisle Cummings Inc. raised its stake 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 worth $1,576,000 after acquiring an additional 620 shares during the last quarter. 65.81% of the stock is owned by institutional investors.

Washington Trust Bancorp Stock Performance

NASDAQ WASH opened at $32.46 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.99 and a quick ratio of 0.98. The firm has a market capitalization of $619.01 million, a price-to-earnings ratio of 11.89, a P/E/G ratio of 0.77 and a beta of 0.73. The company’s fifty day moving average is $32.82 and its two-hundred day moving average is $31.82. Washington Trust Bancorp has a 52-week low of $25.23 and a 52-week high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.11). The company had revenue of $57.83 million during the quarter, compared to analyst estimates of $58.24 million. Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%. Equities research analysts forecast that Washington Trust Bancorp will post 3.09 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 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 6.9%. The ex-dividend date of this dividend was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.05%.

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.