Zacks: Washington Trust Bancorp (WASH) Receives Average Rating of “Hold” from Analysts

Washington Trust Bancorp (NASDAQ:WASH) has received a consensus broker rating score of 3.00 (Hold) from the two analysts that provide coverage for the company, Zacks Investment Research reports. Two equities research analysts have rated the stock with a hold rating. Washington Trust Bancorp’s rating score has declined by 200% in the last 90 days as a result of various analysts’ ratings changes.

Zacks has also assigned Washington Trust Bancorp an industry rank of 162 out of 255 based on the ratings given to its competitors.

Several research firms have weighed in on WASH. BidaskClub downgraded shares of Washington Trust Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, February 25th. Compass Point downgraded shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating and set a $53.00 target price on the stock. in a research report on Tuesday, January 29th. Finally, Sandler O’Neill downgraded shares of Washington Trust Bancorp from a “buy” rating to a “hold” rating and set a $55.00 target price on the stock. in a research report on Tuesday, January 29th.

A number of large investors have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its holdings in Washington Trust Bancorp by 3.5% in the 4th quarter. Legal & General Group Plc now owns 6,640 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 226 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Washington Trust Bancorp by 1.0% during the fourth quarter. Victory Capital Management Inc. now owns 29,000 shares of the financial services provider’s stock worth $1,378,000 after buying an additional 300 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Washington Trust Bancorp by 8.4% during the fourth quarter. Citigroup Inc. now owns 6,457 shares of the financial services provider’s stock worth $307,000 after buying an additional 503 shares in the last quarter. Teton Advisors Inc. grew its holdings in shares of Washington Trust Bancorp by 1.2% during the fourth quarter. Teton Advisors Inc. now owns 60,720 shares of the financial services provider’s stock worth $2,886,000 after buying an additional 700 shares in the last quarter. Finally, Prudential Financial Inc. grew its holdings in shares of Washington Trust Bancorp by 2.4% during the fourth quarter. Prudential Financial Inc. now owns 30,476 shares of the financial services provider’s stock worth $1,448,000 after buying an additional 706 shares in the last quarter. 59.35% of the stock is currently owned by institutional investors.

NASDAQ WASH traded up $1.49 on Tuesday, reaching $48.68. The company had a trading volume of 37,700 shares, compared to its average volume of 35,098. The company has a market capitalization of $801.93 million, a price-to-earnings ratio of 11.79 and a beta of 0.63. Washington Trust Bancorp has a fifty-two week low of $45.93 and a fifty-two week high of $63.25. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 2.17.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, January 28th. The financial services provider reported $0.98 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.98. The business had revenue of $49.04 million during the quarter. Washington Trust Bancorp had a return on equity of 15.98% and a net margin of 28.66%.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Monday, April 1st will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Friday, March 29th.

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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