Piper Sandler cut shares of Washington Trust Bancorp (NASDAQ: WASH – Get a rating) from an overweight rating to a neutral rating in a report released Thursday, Market assessments reports. They currently have a price target of $56.00 on shares of the financial services provider. Piper Sandler also released estimates for Washington Trust Bancorp Q1 2022 earnings at $0.92 EPS, Q2 2022 earnings at $0.97 EPS, Q3 2022 earnings at $0.99 EPS , fourth quarter 2022 earnings at $0.98 EPS, full year 2022 earnings at $3.87 EPS, first quarter 2023 earnings at $1.00 EPS and Q2 2023 earnings at $1.10 EPS.
WASH has been the subject of several other research reports. Zacks Investment Research moved shares of Washington Trust Bancorp from a sell rating to a hold rating in a report on Friday, January 7. StockNews.com assumed coverage of Washington Trust Bancorp shares in a Thursday, March 31, report. They issued a holding note for the company.
Shares of NASDAQ WASH opened at $48.80 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt ratio of 0.30. The company has a 50-day moving average price of $54.17 and a two-hundred-day moving average price of $55.47. The company has a market capitalization of $845.75 million, a PE ratio of 11.12 and a beta of 0.74. Washington Trust Bancorp has a fifty-two week minimum of $46.35 and a fifty-two week maximum of $60.96.
Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last released its quarterly results on Wednesday, January 26. The financial services provider reported EPS of $1.15 for the quarter, beating the consensus estimate of $1.01 by $0.14. The company posted revenue of $58.05 million in the quarter, compared to analyst estimates of $55.65 million. Washington Trust Bancorp had a net margin of 31.26% and a return on equity of 13.94%. In the same quarter a year earlier, the company had earned earnings per share of $1.07. On average, analysts expect Washington Trust Bancorp to post 3.68 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 8. Shareholders of record on Friday, April 1 received a dividend of $0.54 per share. This represents a dividend of $2.16 on an annualized basis and a yield of 4.43%. The ex-dividend date was Thursday, March 31. Washington Trust Bancorp’s dividend payout ratio is currently 49.20%.
Hedge funds have recently been buying and selling shares of the company. Coastline Trust Co increased its stake in Washington Trust Bancorp shares by 3.7% in Q3. Coastline Trust Co now owns 29,197 shares of the financial services provider valued at $1,547,000 after purchasing an additional 1,030 shares during the period. M&T Bank Corp increased its holdings of Washington Trust Bancorp shares by 7.2% in the third quarter. M&T Bank Corp now owns 8,409 shares of the financial services provider valued at $445,000 after purchasing an additional 562 shares during the period. Dean Investment Associates LLC increased its stake in Washington Trust Bancorp shares by 6.9% in Q3. Dean Investment Associates LLC now owns 52,045 shares of the financial services provider valued at $2,757,000 after purchasing an additional 3,347 shares during the period. American Century Companies Inc. increased its stake in shares of Washington Trust Bancorp by 14.6% in the third quarter. American Century Companies Inc. now owns 36,476 shares of the financial services provider valued at $1,932,000 after purchasing an additional 4,648 shares during the period. Finally, First Republic Investment Management Inc. increased its stake in shares of Washington Trust Bancorp by 14.9% in the third quarter. First Republic Investment Management Inc. now owns 5,527 shares of the financial services provider valued at $293,000 after purchasing an additional 718 shares during the period. 76.86% of the shares are held by institutional investors.
About Washington Trust Bancorp (Get a rating)
Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgage loans and construction loans; commercial and industrial loans; residential real estate loans consisting of mortgages and owner-built loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.
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