Analysts Set Washington Trust Bancorp, Inc. (NASDAQ:WASH) PT at $34.00

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) have earned an average recommendation of "Moderate Buy" from the three brokerages that are covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $32.50.

WASH has been the topic of several recent research reports. StockNews.com upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, January 31st. Keefe, Bruyette & Woods cut their price target on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating for the company in a report on Tuesday. Finally, Seaport Res Ptn raised Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 14th.

Washington Trust Bancorp Stock Performance

Washington Trust Bancorp stock traded down $0.35 during mid-day trading on Tuesday, reaching $27.69. 6,691 shares of the stock traded hands, compared to its average volume of 143,530. 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 $29.56 and its 200-day moving average is $32.46. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $533.75 million, a PE ratio of -17.85 and a beta of 0.76.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The financial services provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.01). Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. The business had revenue of $59.07 million for the quarter, compared to analysts' expectations of $53.16 million. As a group, sell-side analysts predict that Washington Trust Bancorp will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 8.09%. The ex-dividend date was Tuesday, April 1st. Washington Trust Bancorp's payout ratio is currently -143.59%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Washington Trust Bancorp by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,643 shares of the financial services provider's stock valued at $302,000 after purchasing an additional 319 shares during the last quarter. Kestra Private Wealth Services LLC boosted its stake in Washington Trust Bancorp by 1.5% during the fourth quarter. Kestra Private Wealth Services LLC now owns 36,015 shares of the financial services provider's stock valued at $1,129,000 after buying an additional 544 shares during the last quarter. SG Americas Securities LLC grew its holdings in Washington Trust Bancorp by 5.9% during the 4th quarter. SG Americas Securities LLC now owns 12,229 shares of the financial services provider's stock valued at $383,000 after buying an additional 682 shares in the last quarter. Essex Financial Services Inc. increased its stake in Washington Trust Bancorp by 10.9% in the 4th quarter. Essex Financial Services Inc. now owns 7,366 shares of the financial services provider's stock worth $231,000 after acquiring an additional 726 shares during the last quarter. Finally, LPL Financial LLC raised its holdings in shares of Washington Trust Bancorp by 4.2% during the 4th quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock worth $573,000 after acquiring an additional 738 shares in the last quarter. Institutional investors own 65.81% of the company's stock.

About Washington Trust Bancorp

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.