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

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have been assigned an average recommendation of “Hold” from the four analysts that are currently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $35.50.

A number of research firms have recently issued reports on WASH. Seaport Research Partners downgraded shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods boosted their price target on Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. Piper Sandler increased their price objective on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Weiss Ratings raised Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Finally, Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th.

Insider Activity at Washington Trust Bancorp

In related news, EVP Rolando A. Lora sold 885 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total value of $27,921.75. Following the completion of the transaction, the executive vice president owned 11,292 shares in the company, valued at $356,262.60. This trade represents a 7.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Washington Trust Bancorp by 17.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock valued at $350,000 after acquiring an additional 1,708 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Washington Trust Bancorp by 8.1% in the second quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock valued at $546,000 after purchasing an additional 1,448 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Washington Trust Bancorp by 9.8% in the second quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider’s stock valued at $847,000 after purchasing an additional 2,670 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Washington Trust Bancorp during the second quarter valued at $409,000. Finally, Invesco Ltd. raised its position in Washington Trust Bancorp by 3.0% during the second quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock valued at $8,608,000 after buying an additional 8,938 shares during the period. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Stock Up 2.5%

NASDAQ:WASH opened at $39.55 on Wednesday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market capitalization of $754.22 million, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 0.91 and a beta of 0.72. Washington Trust Bancorp has a one year low of $25.23 and a one year high of $39.85. The stock has a 50-day simple moving average of $35.18 and a 200 day simple moving average of $33.84.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%.The firm had revenue of $60.47 million for the quarter, compared to analysts’ expectations of $59.91 million. Sell-side analysts predict that Washington Trust Bancorp will post 3.15 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. Washington Trust Bancorp’s payout ratio is 77.78%.

Washington Trust Bancorp Company Profile

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.