Shares of Washington Trust Bancorp (NASDAQ:WASH) have been assigned an average broker rating score of 2.33 (Buy) from the three analysts that cover the company, Zacks Investment Research reports. Two analysts have rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. Washington Trust Bancorp’s rating score has improved by 22.3% from three months ago as a result of various analysts’ ratings changes.
Brokerages have set a 1-year consensus price target of $53.00 for the company and are expecting that the company will post $0.96 earnings per share for the current quarter, according to Zacks. Zacks has also given Washington Trust Bancorp an industry rank of 162 out of 256 based on the ratings given to its competitors.
Several analysts recently issued reports on the company. BidaskClub downgraded Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, July 11th. ValuEngine downgraded Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Boenning Scattergood assumed coverage on Washington Trust Bancorp in a research note on Wednesday, June 26th. They set an “outperform” rating and a $55.00 target price on the stock. Finally, Compass Point raised Washington Trust Bancorp from a “neutral” rating to a “buy” rating in a research note on Monday, April 22nd.
Shares of WASH stock traded up $0.03 during trading hours on Friday, reaching $47.49. 14,486 shares of the company traded hands, compared to its average volume of 33,482. Washington Trust Bancorp has a 12-month low of $45.83 and a 12-month high of $61.00. The company has a debt-to-equity ratio of 2.30, a quick ratio of 1.09 and a current ratio of 1.10. The stock has a market cap of $822.82 million, a P/E ratio of 12.08 and a beta of 0.64. The stock’s 50-day moving average price is $50.53.
Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.04). Washington Trust Bancorp had a net margin of 27.03% and a return on equity of 15.12%. The company had revenue of $50.61 million for the quarter, compared to analysts’ expectations of $50.90 million. Sell-side analysts expect that Washington Trust Bancorp will post 3.87 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Investors of record on Monday, July 1st were paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 4.30%. The ex-dividend date of this dividend was Friday, June 28th. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 51.91%.
In related news, Director Edwin J. Santos sold 600 shares of Washington Trust Bancorp stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.95, for a total transaction of $31,770.00. Following the sale, the director now owns 4,650 shares of the company’s stock, valued at approximately $246,217.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.18% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of WASH. Geode Capital Management LLC boosted its holdings in Washington Trust Bancorp by 9.9% during the fourth quarter. Geode Capital Management LLC now owns 179,646 shares of the financial services provider’s stock worth $8,538,000 after purchasing an additional 16,141 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its stake in Washington Trust Bancorp by 392.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,219 shares of the financial services provider’s stock valued at $248,000 after acquiring an additional 4,159 shares during the last quarter. Legal & General Group Plc lifted its stake in Washington Trust Bancorp by 3.5% in the fourth quarter. Legal & General Group Plc now owns 6,640 shares of the financial services provider’s stock valued at $316,000 after acquiring an additional 226 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Washington Trust Bancorp by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 731,147 shares of the financial services provider’s stock valued at $34,752,000 after acquiring an additional 6,739 shares during the last quarter. Finally, Norges Bank acquired a new stake in Washington Trust Bancorp in the fourth quarter valued at $8,820,000. 58.16% of the stock is currently owned by institutional investors.
Washington Trust Bancorp Company Profile
Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.
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