Washington Trust Bancorp, Inc. (NASDAQ:WASH) Given Consensus Rating of “Hold” by Analysts

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has been given a consensus rating of “Hold” by the four analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $33.00.

A number of equities analysts recently issued reports on the stock. Piper Sandler assumed coverage on shares of Washington Trust Bancorp in a report on Monday, March 16th. They issued a “neutral” rating and a $32.00 price objective on the stock. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Zacks Research downgraded shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings raised shares of Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, April 21st.

Insider Buying and Selling at Washington Trust Bancorp

In other Washington Trust Bancorp news, CFO Ronald S. Ohsberg acquired 1,606 shares of the company’s stock in a transaction that occurred on Friday, April 24th. The shares were bought at an average price of $31.00 per share, with a total value of $49,786.00. Following the completion of the acquisition, the chief financial officer owned 29,705 shares in the company, valued at $920,855. This represents a 5.72% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward O. Handy III acquired 3,195 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was acquired at an average cost of $31.32 per share, for a total transaction of $100,067.40. Following the acquisition, the chief executive officer owned 51,442 shares of the company’s stock, valued at $1,611,163.44. The trade was a 6.62% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders purchased 36,801 shares of company stock worth $1,147,293. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Washington Trust Bancorp

Large investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its holdings in Washington Trust Bancorp by 1,417.2% during the fourth quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider’s stock valued at $2,908,000 after purchasing an additional 91,936 shares in the last quarter. Teton Advisors LLC purchased a new position in Washington Trust Bancorp during the third quarter valued at approximately $962,000. State of New Jersey Common Pension Fund D lifted its holdings in Washington Trust Bancorp by 36.7% during the third quarter. State of New Jersey Common Pension Fund D now owns 100,280 shares of the financial services provider’s stock valued at $2,898,000 after purchasing an additional 26,948 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Washington Trust Bancorp by 73.8% during the third quarter. JPMorgan Chase & Co. now owns 44,118 shares of the financial services provider’s stock valued at $1,275,000 after purchasing an additional 18,735 shares in the last quarter. Finally, Foster Dykema Cabot & Partners LLC purchased a new position in Washington Trust Bancorp during the third quarter valued at approximately $27,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

Shares of WASH stock opened at $32.79 on Wednesday. The company has a 50 day moving average price of $32.83 and a 200-day moving average price of $31.95. Washington Trust Bancorp has a 52 week low of $25.23 and a 52 week high of $37.08. The firm has a market capitalization of $625.31 million, a PE ratio of 12.01, a P/E/G ratio of 0.77 and a beta of 0.74. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). The company had revenue of $57.83 million during the quarter, compared to the consensus estimate of $58.24 million. Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%. As a group, equities research analysts expect that Washington Trust Bancorp will post 3.09 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were issued a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.8%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.05%.

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.