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

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has been assigned an average recommendation of “Hold” from the five analysts that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $28.6667.

Several brokerages recently commented on WASH. Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. Piper Sandler dropped their price objective on shares of Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating for the company in a research note on Thursday, October 9th.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Linden Thomas Advisory Services LLC grew its holdings in shares of Washington Trust Bancorp by 1.1% during the first quarter. Linden Thomas Advisory Services LLC now owns 36,775 shares of the financial services provider’s stock valued at $1,135,000 after buying an additional 401 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after buying an additional 420 shares during the last quarter. Barrett & Company Inc. grew its holdings in shares of Washington Trust Bancorp by 10.1% during the second quarter. Barrett & Company Inc. now owns 5,646 shares of the financial services provider’s stock valued at $160,000 after buying an additional 518 shares during the last quarter. CWM LLC grew its holdings in shares of Washington Trust Bancorp by 6.2% during the second quarter. CWM LLC now owns 12,501 shares of the financial services provider’s stock valued at $354,000 after buying an additional 734 shares during the last quarter. Finally, Shepherd Financial Partners LLC boosted its holdings in Washington Trust Bancorp by 8.8% during the first quarter. Shepherd Financial Partners LLC now owns 10,167 shares of the financial services provider’s stock worth $314,000 after purchasing an additional 819 shares during the last quarter. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

NASDAQ WASH opened at $26.56 on Tuesday. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $508.89 million, a price-to-earnings ratio of -17.59, a P/E/G ratio of 0.85 and a beta of 0.91. The firm’s 50 day simple moving average is $28.99 and its 200 day simple moving average is $28.36. Washington Trust Bancorp has a 1 year low of $24.95 and a 1 year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. The business had revenue of $54.26 million for the quarter, compared to analyst estimates of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. During the same quarter last year, the business posted $0.63 EPS. As a group, research analysts expect that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 10th. Investors of record on Wednesday, October 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $2.24 annualized dividend and a yield of 8.4%. Washington Trust Bancorp’s dividend payout ratio is presently -148.34%.

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.