Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives Average Recommendation of “Moderate Buy” from Brokerages

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has received an average recommendation of “Moderate Buy” from the three ratings firms that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $32.50.

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

Washington Trust Bancorp Trading Up 0.4 %

NASDAQ:WASH opened at $27.83 on Tuesday. Washington Trust Bancorp has a one year low of $24.70 and a one year 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. The company’s 50-day simple moving average is $29.36 and its 200 day simple moving average is $32.42. The firm has a market capitalization of $536.45 million, a P/E ratio of -17.95 and a beta of 0.76.

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

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a $0.56 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $2.24 annualized dividend and a dividend yield of 8.05%. Washington Trust Bancorp’s dividend payout ratio is presently -143.59%.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company lifted its holdings in shares of Washington Trust Bancorp by 6,117.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider’s stock valued at $12,658,000 after buying an additional 397,255 shares during the period. Millennium Management LLC boosted its stake in shares of Washington Trust Bancorp by 3,240.0% in the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider’s stock worth $7,096,000 after buying an additional 219,578 shares during the last quarter. Franklin Resources Inc. purchased a new position in shares of Washington Trust Bancorp in the 4th quarter worth $6,824,000. Wellington Management Group LLP purchased a new position in shares of Washington Trust Bancorp in the 4th quarter worth $4,853,000. Finally, Soros Fund Management LLC purchased a new position in shares of Washington Trust Bancorp in the 4th quarter worth $4,232,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

About Washington Trust Bancorp

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.