Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives $35.50 Average Target Price from Analysts

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) have been given an average recommendation of “Hold” by the four research firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $35.50.

Several research analysts recently weighed in on WASH shares. Piper Sandler increased their price objective on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Seaport Research Partners downgraded Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, September 2nd. Zacks Research upgraded Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd.

Washington Trust Bancorp Price Performance

Shares of WASH stock opened at $39.23 on Thursday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $748.12 million, a PE ratio of 13.62, a price-to-earnings-growth ratio of 0.91 and a beta of 0.70. The firm’s 50-day moving average is $38.92 and its two-hundred day moving average is $35.42. Washington Trust Bancorp has a 12 month low of $25.23 and a 12 month high of $40.54.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $60.47 million during the quarter, compared to analysts’ expectations of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.18%. Analysts predict that Washington Trust Bancorp will post 3.2 earnings per share for the current year.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its holdings in Washington Trust Bancorp by 114.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 542 shares during the last quarter. Allworth Financial LP acquired a new position in Washington Trust Bancorp during the second quarter worth $50,000. State of Wyoming acquired a new position in Washington Trust Bancorp during the first quarter worth $70,000. Integrated Wealth Concepts LLC purchased a new position in shares of Washington Trust Bancorp during the second quarter worth $121,000. Finally, Quantbot Technologies LP purchased a new position in shares of Washington Trust Bancorp during the second quarter worth $166,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the parent company of The Washington Trust Company, a full-service community bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is recognized as one of the oldest continuously operating banks in the United States.

The company provides a range of financial services to individuals, families, businesses, and institutions. Its offerings include personal and commercial deposit accounts, consumer and business lending, residential mortgages, cash management, online and mobile banking, and other traditional banking services.