Washington Trust Bancorp (NASDAQ:WASH) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Washington Trust Bancorp (NASDAQ:WASH) from a buy rating to a hold rating in a report published on Saturday.

Other equities analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods lifted their price target on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Piper Sandler initiated coverage on shares of Washington Trust Bancorp in a research note on Monday, March 16th. They set a “neutral” rating and a $32.00 target price on the stock. Finally, Zacks Research raised shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $31.33.

Washington Trust Bancorp Stock Up 2.4%

NASDAQ WASH opened at $32.91 on Friday. Washington Trust Bancorp has a 52 week low of $24.95 and a 52 week high of $37.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $626.61 million, a P/E ratio of 12.19, a price-to-earnings-growth ratio of 0.67 and a beta of 0.85. The stock’s 50-day moving average price is $33.42 and its 200-day moving average price is $30.41.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The company had revenue of $59.25 million during the quarter, compared to the consensus estimate of $56.38 million. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%. On average, equities research analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st will be given a dividend of $0.56 per share. The ex-dividend date is Wednesday, April 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.8%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.96%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Washington Trust Bancorp by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,140,227 shares of the financial services provider’s stock valued at $32,953,000 after acquiring an additional 7,641 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Washington Trust Bancorp by 13.2% during the 4th quarter. Franklin Resources Inc. now owns 634,333 shares of the financial services provider’s stock valued at $18,745,000 after purchasing an additional 74,145 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Washington Trust Bancorp by 1.4% during the second quarter. Geode Capital Management LLC now owns 473,378 shares of the financial services provider’s stock valued at $13,389,000 after purchasing an additional 6,570 shares in the last quarter. Invesco Ltd. grew its position in shares of 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 purchasing an additional 8,938 shares in the last quarter. Finally, Drexel Morgan & Co. increased its holdings in shares of Washington Trust Bancorp by 19.9% in the fourth quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider’s stock worth $8,889,000 after purchasing an additional 50,000 shares during the last quarter. Institutional investors own 65.81% of the company’s stock.

About Washington Trust Bancorp

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.