Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get Free Report) has been given an average rating of “Moderate Buy” by the four brokerages that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $37.00.
Several equities research analysts recently weighed in on WASH shares. Wall Street Zen upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings reissued a “buy (b)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, September 2nd. Seaport Research Partners lowered Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their target price on shares of Washington Trust Bancorp from $36.00 to $39.00 and gave the company a “market perform” rating in a report on Wednesday, October 21st. Finally, Zacks Research raised shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th.
Get Our Latest Analysis on Washington Trust Bancorp
Washington Trust Bancorp Stock Performance
Washington Trust Bancorp stock opened at $38.67 on Friday. The stock’s 50 day simple moving average is $38.72 and its two-hundred day simple moving average is $35.79. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $737.44 million, a price-to-earnings ratio of 11.61, a PEG ratio of 0.83 and a beta of 0.73. Washington Trust Bancorp has a fifty-two week low of $26.52 and a fifty-two week high of $41.11.
Washington Trust Bancorp (NASDAQ:WASH – Get Free Report) last posted its earnings results on Monday, October 19th. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.14. Washington Trust Bancorp had a return on equity of 11.67% and a net margin of 16.73%. The firm had revenue of $64.96 million for the quarter, compared to the consensus estimate of $62.62 million. As a group, analysts expect that Washington Trust Bancorp will post 3.36 earnings per share for the current fiscal year.
Washington Trust Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $2.24 annualized dividend and a yield of 5.8%. Washington Trust Bancorp’s payout ratio is presently 67.27%.
Insiders Place Their Bets
In other Washington Trust Bancorp news, Director Edwin Santos sold 1,200 shares of the company’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $39.25, for a total value of $47,100.00. Following the sale, the director owned 9,110 shares in the company, valued at approximately $357,567.50. This represents a 11.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.30% of the company’s stock.
Institutional Trading of Washington Trust Bancorp
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter worth about $81,558,000. First Horizon Corp bought a new position in Washington Trust Bancorp in the 1st quarter worth about $9,912,000. The Manufacturers Life Insurance Company purchased a new stake in Washington Trust Bancorp during the 2nd quarter valued at about $10,556,000. Basswood Capital Management L.L.C. purchased a new stake in Washington Trust Bancorp during the 2nd quarter valued at about $6,712,000. Finally, Bank of New York Mellon Corp purchased a new stake in Washington Trust Bancorp during the 2nd quarter valued at about $5,466,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.
Washington Trust Bancorp Company Profile
Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community-focused financial institution headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States.
The company provides commercial, small-business, residential mortgage and consumer banking services. Its offerings include deposit accounts, commercial and consumer loans, residential mortgages, cash-management services, online and mobile banking, and other financial services for individuals, families and businesses.
Washington Trust also operates a wealth-management business that provides investment management, financial planning, trust administration, estate planning and related services.
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