Washington Trust Bancorp, Inc. (NASDAQ:WASH) Receives Average Recommendation of “Reduce” from Brokerages

Washington Trust Bancorp, Inc. (NASDAQ:WASH) has been given a consensus recommendation of “Reduce” by the two research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating and one has given a hold rating to the company.

Separately, Seaport Res Ptn cut Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 31st.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds have recently made changes to their positions in WASH. BlackRock Inc. boosted its stake in shares of Washington Trust Bancorp by 24.1% in the first quarter. BlackRock Inc. now owns 1,968,441 shares of the financial services provider’s stock worth $68,226,000 after acquiring an additional 382,778 shares during the period. AQR Capital Management LLC bought a new position in shares of Washington Trust Bancorp in the third quarter worth about $4,113,000. Norges Bank bought a new position in shares of Washington Trust Bancorp in the fourth quarter worth about $5,243,000. State Street Corp boosted its stake in shares of Washington Trust Bancorp by 19.5% in the second quarter. State Street Corp now owns 618,255 shares of the financial services provider’s stock worth $16,921,000 after acquiring an additional 100,822 shares during the period. Finally, Crestwood Advisors Group LLC bought a new position in shares of Washington Trust Bancorp in the third quarter worth about $2,512,000. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

Shares of WASH opened at $24.23 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 2.57. The business has a 50-day simple moving average of $25.86 and a two-hundred day simple moving average of $27.21. The stock has a market cap of $412.64 million, a price-to-earnings ratio of 8.62 and a beta of 0.81. Washington Trust Bancorp has a 52 week low of $21.69 and a 52 week high of $33.96.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Wednesday, January 24th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.22. The business had revenue of $45.96 million during the quarter, compared to analysts’ expectations of $47.38 million. Washington Trust Bancorp had a return on equity of 10.53% and a net margin of 13.19%. On average, analysts expect that Washington Trust Bancorp will post 1.87 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Monday, April 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 9.24%. The ex-dividend date was Thursday, March 28th. Washington Trust Bancorp’s dividend payout ratio (DPR) is 79.72%.

Washington Trust Bancorp Company Profile

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.