Keefe, Bruyette & Woods Has Lowered Expectations for Washington Trust Bancorp (NASDAQ:WASH) Stock Price

Washington Trust Bancorp (NASDAQ:WASH - Free Report) had its price target reduced by Keefe, Bruyette & Woods from $34.00 to $31.00 in a research report released on Tuesday,Benzinga reports. They currently have a market perform rating on the financial services provider's stock.

WASH has been the topic of several other reports. Seaport Res Ptn raised Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 14th. StockNews.com raised Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday, January 31st.

Washington Trust Bancorp Stock Down 1.1 %

NASDAQ WASH traded down $0.30 during trading hours on Tuesday, hitting $27.75. The company's stock had a trading volume of 3,824 shares, compared to its average volume of 143,521. The company has a market capitalization of $534.81 million, a PE ratio of -17.95 and a beta of 0.76. Washington Trust Bancorp has a 52 week low of $24.70 and a 52 week high of $40.59. The company's 50-day simple moving average is $29.56 and its two-hundred day simple moving average is $32.46. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data 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. Research analysts anticipate that Washington Trust Bancorp will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.56 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.24 annualized dividend and a yield of 8.07%. Washington Trust Bancorp's dividend payout ratio (DPR) is presently -143.59%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Washington Trust Bancorp by 10.6% during the fourth quarter. Vanguard Group Inc. now owns 1,033,333 shares of the financial services provider's stock valued at $32,395,000 after buying an additional 98,802 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Washington Trust Bancorp by 6.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 932,056 shares of the financial services provider's stock valued at $29,220,000 after acquiring an additional 58,176 shares during the last quarter. Geode Capital Management LLC boosted its stake in Washington Trust Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 414,527 shares of the financial services provider's stock valued at $12,999,000 after acquiring an additional 2,181 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Washington Trust Bancorp by 6,117.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock worth $12,658,000 after acquiring an additional 397,255 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Washington Trust Bancorp by 1.2% during the 4th quarter. American Century Companies Inc. now owns 325,169 shares of the financial services provider's stock valued at $10,194,000 after purchasing an additional 3,697 shares in the last quarter. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

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.