Keefe, Bruyette & Woods Lowers Washington Trust Bancorp Inc. (WASH) to Market Perform
Washington Trust Bancorp Inc. (NASDAQ:WASH) was downgraded by equities research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research report issued on Monday. They presently have a $41.00 target price on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 1.94% from the stock’s previous close.
Separately, Compass Point lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a report on Tuesday, September 20th.
Washington Trust Bancorp (NASDAQ:WASH) opened at 40.22 on Monday. The firm has a market capitalization of $687.00 million, a price-to-earnings ratio of 16.10 and a beta of 0.86. Washington Trust Bancorp has a 12 month low of $34.59 and a 12 month high of $43.85. The firm’s 50-day moving average is $41.37 and its 200 day moving average is $38.62.
Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by $0.02. Washington Trust Bancorp had a return on equity of 11.32% and a net margin of 22.85%. Equities analysts predict that Washington Trust Bancorp will post $2.56 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Monday, October 3rd will be issued a $0.37 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This is a positive change from Washington Trust Bancorp’s previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a dividend yield of 3.68%. Washington Trust Bancorp’s payout ratio is 59.20%.
In other news, Director Katherine W. Hoxsie sold 2,000 shares of Washington Trust Bancorp stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $42.31, for a total value of $84,620.00. Following the completion of the transaction, the director now directly owns 24,302 shares of the company’s stock, valued at approximately $1,028,217.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.58% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its stake in shares of Washington Trust Bancorp by 1.8% in the first quarter. Envestnet Asset Management Inc. now owns 3,184 shares of the financial services provider’s stock valued at $119,000 after buying an additional 55 shares in the last quarter. CWM LLC increased its stake in shares of Washington Trust Bancorp by 1,000.0% in the second quarter. CWM LLC now owns 3,300 shares of the financial services provider’s stock valued at $125,000 after buying an additional 3,000 shares in the last quarter. BlackRock Inc. increased its stake in shares of Washington Trust Bancorp by 260.3% in the second quarter. BlackRock Inc. now owns 3,949 shares of the financial services provider’s stock valued at $150,000 after buying an additional 2,853 shares in the last quarter. BB&T Securities LLC purchased a new stake in shares of Washington Trust Bancorp during the first quarter valued at $216,000. Finally, BlackRock Advisors LLC increased its stake in shares of Washington Trust Bancorp by 8.9% in the second quarter. BlackRock Advisors LLC now owns 7,630 shares of the financial services provider’s stock valued at $289,000 after buying an additional 626 shares in the last quarter. Hedge funds and other institutional investors own 52.25% of the company’s stock.
Washington Trust Bancorp Company Profile
Washington Trust Bancorp, Inc (Bancorp) is a bank holding and financial holding company. The Company operates through two segments: Commercial Banking and Wealth Management Services. Its Commercial Banking segment includes commercial, residential and consumer lending activities; equity in losses of unconsolidated investments in real estate limited partnerships, mortgage banking, secondary market and loan servicing activities; deposit generation; merchant credit card services; cash management activities, and direct banking activities, which include the operation of automated teller machines (ATMs), telephone and Internet banking services, and customer support and sales.
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