Shares of Washington Trust Bancorp (NASDAQ:WASH) have been given a consensus recommendation of “Hold” by the six research firms that are covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $54.33.
A number of brokerages have commented on WASH. BidaskClub raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. Zacks Investment Research raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, September 28th. Boenning Scattergood initiated coverage on Washington Trust Bancorp in a research report on Wednesday, June 26th. They set an “outperform” rating and a $55.00 price target for the company. Compass Point set a $53.00 price objective on Washington Trust Bancorp and gave the company a “buy” rating in a report on Thursday, September 12th. Finally, ValuEngine raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd.
Several institutional investors have recently made changes to their positions in WASH. Nuveen Asset Management LLC increased its stake in shares of Washington Trust Bancorp by 842.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 73,661 shares of the financial services provider’s stock valued at $3,845,000 after purchasing an additional 65,842 shares in the last quarter. Coastline Trust Co grew its position in shares of Washington Trust Bancorp by 343.8% in the third quarter. Coastline Trust Co now owns 19,750 shares of the financial services provider’s stock valued at $954,000 after purchasing an additional 15,300 shares in the last quarter. BlackRock Inc. grew its position in shares of Washington Trust Bancorp by 1.2% in the second quarter. BlackRock Inc. now owns 1,122,747 shares of the financial services provider’s stock valued at $58,584,000 after purchasing an additional 13,038 shares in the last quarter. HM Payson & Co. purchased a new stake in shares of Washington Trust Bancorp in the second quarter valued at approximately $398,000. Finally, Acadian Asset Management LLC grew its position in shares of Washington Trust Bancorp by 170.6% in the second quarter. Acadian Asset Management LLC now owns 11,827 shares of the financial services provider’s stock valued at $618,000 after purchasing an additional 7,456 shares in the last quarter. Hedge funds and other institutional investors own 58.99% of the company’s stock.
Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.99 EPS for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.04). Washington Trust Bancorp had a return on equity of 15.12% and a net margin of 27.03%. The firm had revenue of $50.61 million for the quarter, compared to analyst estimates of $50.90 million. On average, equities research analysts anticipate that Washington Trust Bancorp will post 3.87 earnings per share for the current fiscal year.
The business also recently disclosed a — dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued a $0.51 dividend. The ex-dividend date was Monday, September 30th. This represents a dividend yield of 4.1%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 51.91%.
About Washington Trust Bancorp
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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