Washington Trust Bancorp (NASDAQ:WASH) Earns Neutral Rating from Analysts at Piper Sandler

Research analysts at Piper Sandler started coverage on shares of Washington Trust Bancorp (NASDAQ:WASH) in a research report issued to clients and investors on Monday. The firm set a “neutral” rating and a $32.00 price target on the financial services provider’s stock. Piper Sandler’s target price points to a potential downside of 1.30% from the stock’s current price.

A number of other equities research analysts also recently issued reports on WASH. Keefe, Bruyette & Woods upped their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Friday, January 30th. Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Zacks Research raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 29th. Finally, Wall Street Zen raised Washington Trust Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Washington Trust Bancorp has a consensus rating of “Hold” and an average price target of $31.33.

Washington Trust Bancorp Stock Up 0.9%

NASDAQ:WASH traded up $0.28 during trading hours on Monday, hitting $32.42. 10,459 shares of the company traded hands, compared to its average volume of 134,175. 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 firm’s 50-day simple moving average is $33.11 and its 200-day simple moving average is $30.33. Washington Trust Bancorp has a one year low of $24.95 and a one year high of $37.08. The company has a market cap of $617.33 million, a PE ratio of 12.01, a PEG ratio of 0.67 and a beta of 0.85.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.08. The firm had revenue of $59.25 million during the quarter, compared to analyst estimates of $56.38 million. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.75%. Equities analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Institutional Trading of Washington Trust Bancorp

Large investors have recently bought and sold shares of the company. Franklin Resources Inc. raised its stake in shares of Washington Trust Bancorp by 91.5% in the second quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider’s stock valued at $12,343,000 after buying an additional 208,586 shares during the period. SG Americas Securities LLC grew its stake in shares of Washington Trust Bancorp by 1,417.2% during the 4th quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider’s stock worth $2,908,000 after acquiring an additional 91,936 shares during the period. Qube Research & Technologies Ltd increased its holdings in Washington Trust Bancorp by 173.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider’s stock worth $2,554,000 after acquiring an additional 56,102 shares during the last quarter. Drexel Morgan & Co. increased its holdings in Washington Trust Bancorp by 19.9% in the 4th quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider’s stock worth $8,889,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Washington Trust Bancorp by 16.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 267,595 shares of the financial services provider’s stock valued at $7,907,000 after acquiring an additional 36,937 shares during the period. 65.81% of the stock is owned by hedge funds and other institutional investors.

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.