Washington Trust Bancorp, Inc. (NASDAQ:WASH) Given Consensus Recommendation of “Hold” by Analysts

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has received an average rating of “Hold” from the five research firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $31.3333.

Several brokerages have weighed in on WASH. Keefe, Bruyette & Woods increased their price objective on Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 30th. Piper Sandler began coverage on Washington Trust Bancorp in a research report on Monday, March 16th. They set a “neutral” rating and a $32.00 target price on the stock. Weiss Ratings upgraded Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, April 21st. Wall Street Zen downgraded Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Zacks Research downgraded Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday.

Washington Trust Bancorp Stock Up 0.4%

WASH stock opened at $32.33 on Friday. The stock’s 50 day simple moving average is $33.28 and its 200 day simple moving average is $31.43. Washington Trust Bancorp has a fifty-two week low of $25.23 and a fifty-two week high of $37.08. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $615.56 million, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 0.77 and a beta of 0.73.

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 for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). The firm had revenue of $57.83 million for the quarter, compared to analyst estimates of $58.24 million. Washington Trust Bancorp had a return on equity of 9.85% and a net margin of 13.71%. On average, research analysts expect that Washington Trust Bancorp will post 3.09 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is 82.05%.

Insiders Place Their Bets

In other news, CEO Edward O. Handy III purchased 3,195 shares of the stock in a transaction on Monday, April 27th. The shares were acquired at an average price of $31.32 per share, for a total transaction of $100,067.40. Following the completion of the transaction, the chief executive officer directly owned 51,442 shares of the company’s stock, valued at approximately $1,611,163.44. This trade represents a 6.62% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, EVP James Cannon Brown purchased 32,000 shares of the stock in a transaction on Thursday, April 23rd. The shares were purchased at an average price of $31.17 per share, for a total transaction of $997,440.00. Following the transaction, the executive vice president directly owned 37,280 shares of the company’s stock, valued at approximately $1,162,017.60. This represents a 606.06% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have purchased 36,801 shares of company stock worth $1,147,293. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of large investors have recently added to or reduced their stakes in WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Washington Trust Bancorp by 17.7% during the first 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 during the last quarter. Legal & General Group Plc boosted its position in Washington Trust Bancorp by 8.1% during the 2nd quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock valued at $546,000 after acquiring an additional 1,448 shares in the last quarter. Rhumbline Advisers boosted its position in Washington Trust Bancorp by 9.8% during the 2nd quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider’s stock valued at $847,000 after acquiring an additional 2,670 shares in the last quarter. Quantbot Technologies LP bought a new stake in Washington Trust Bancorp during the 2nd quarter valued at approximately $409,000. Finally, Invesco Ltd. boosted its position in Washington Trust Bancorp by 3.0% during the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock valued at $8,608,000 after acquiring an additional 8,938 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

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.