Washington Trust Bancorp (NASDAQ:WASH) Price Target Cut to $31.00 by Analysts at Keefe, Bruyette & Woods

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

Several other analysts have also recently commented on the company. Seaport Res Ptn upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 14th. StockNews.com raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st.

Washington Trust Bancorp Stock Up 1.6 %

WASH stock opened at $28.04 on Tuesday. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. Washington Trust Bancorp has a one year low of $24.70 and a one year high of $40.59. The firm’s fifty day moving average is $29.56 and its 200 day moving average is $32.46. The firm has a market cap of $540.50 million, a PE ratio of -18.09 and a beta of 0.76.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, April 21st. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.01). The company had revenue of $59.07 million during the quarter, compared to analyst estimates of $53.16 million. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. On average, research analysts forecast that Washington Trust Bancorp will post 2.76 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 7.99%. The ex-dividend date was Tuesday, April 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently -143.59%.

Institutional Trading of Washington Trust Bancorp

Several large investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB acquired a new position in shares of Washington Trust Bancorp during the 3rd quarter valued at about $32,000. Hantz Financial Services Inc. boosted its holdings in Washington Trust Bancorp by 15,152.6% in the 4th quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 2,879 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Washington Trust Bancorp in the 4th quarter valued at about $97,000. State of Tennessee Department of Treasury purchased a new stake in shares of Washington Trust Bancorp in the 4th quarter valued at approximately $131,000. Finally, Sanders Morris Harris LLC acquired a new stake in shares of Washington Trust Bancorp during the 1st quarter worth approximately $216,000. 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.