Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives Average Rating of "Moderate Buy" from Analysts
Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the four brokerages that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $31.00.
WASH has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods dropped their target price on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a report on Tuesday, April 22nd. Seaport Res Ptn upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 14th. Finally, Bank of America initiated coverage on Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 target price for the company.
Read Our Latest Research Report on WASH
Hedge funds have recently bought and sold shares of the stock. Proficio Capital Partners LLC bought a new position in Washington Trust Bancorp during the 4th quarter worth $1,955,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Washington Trust Bancorp in the fourth quarter valued at about $369,000. BNP Paribas Financial Markets increased its position in Washington Trust Bancorp by 17.9% during the fourth quarter. BNP Paribas Financial Markets now owns 16,170 shares of the financial services provider's stock worth $507,000 after acquiring an additional 2,455 shares during the period. Teacher Retirement System of Texas acquired a new stake in Washington Trust Bancorp in the 4th quarter worth about $676,000. Finally, Franklin Resources Inc. bought a new stake in Washington Trust Bancorp in the 4th quarter valued at about $6,824,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of Washington Trust Bancorp stock opened at $28.14 on Wednesday. The stock has a market cap of $542.85 million, a P/E ratio of -18.15 and a beta of 0.91. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp has a 12-month low of $24.70 and a 12-month high of $40.59. The business's 50 day moving average is $27.78 and its 200-day moving average is $30.81.
Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($0.01). The firm had revenue of $59.07 million for the quarter, compared to analyst estimates of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. Equities research analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.24 dividend on an annualized basis and a yield of 7.96%. Washington Trust Bancorp's dividend payout ratio (DPR) is currently -143.59%.
Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Washington Trust Bancorp, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Washington Trust Bancorp wasn't on the list.
While Washington Trust Bancorp currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
