Keefe, Bruyette & Woods Issues Pessimistic Forecast for Washington Trust Bancorp (NASDAQ:WASH) Stock Price

Washington Trust Bancorp (NASDAQ:WASH) had its price target cut by Keefe, Bruyette & Woods from $34.00 to $31.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 12.36% from the company’s previous close.

Several other brokerages also recently issued reports on WASH. Seaport Res Ptn raised shares of 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 note on Friday, January 31st.

Washington Trust Bancorp Stock Performance

WASH stock opened at $27.59 on Tuesday. Washington Trust Bancorp has a 1-year low of $24.70 and a 1-year high of $40.59. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm has a market cap of $531.82 million, a PE ratio of -17.80 and a beta of 0.76. The business’s 50-day moving average price is $29.65 and its two-hundred day moving average price is $32.48.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $0.61 earnings per share 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 the consensus estimate of $53.16 million. As a group, research analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Washington Trust Bancorp by 10.6% in 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 acquiring an additional 98,802 shares during the last quarter. Dimensional Fund Advisors LP increased 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 worth $29,220,000 after acquiring an additional 58,176 shares during the period. Geode Capital Management LLC raised its stake in Washington Trust Bancorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 414,527 shares of the financial services provider’s stock worth $12,999,000 after purchasing an additional 2,181 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Washington Trust Bancorp by 6,117.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider’s stock valued at $12,658,000 after purchasing an additional 397,255 shares during the period. Finally, American Century Companies Inc. grew its position in shares of 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 worth $10,194,000 after purchasing an additional 3,697 shares in the last quarter. 65.81% of the stock is currently owned by 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.