Piper Sandler Issues Pessimistic Forecast for Washington Trust Bancorp (NASDAQ:WASH) Stock Price

Washington Trust Bancorp (NASDAQ:WASH) had its price target lowered by investment analysts at Piper Sandler from $28.00 to $27.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the financial services provider’s stock. Piper Sandler’s price target points to a potential upside of 2.31% from the stock’s previous close.

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $28.67.

Washington Trust Bancorp Stock Down 1.5%

WASH opened at $26.39 on Thursday. The company has a 50 day moving average of $29.00 and a 200 day moving average of $28.43. The company has a market cap of $505.63 million, a PE ratio of -17.48, a price-to-earnings-growth ratio of 0.79 and a beta of 0.91. Washington Trust Bancorp has a 12 month low of $24.95 and a 12 month high of $40.59. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, topping the consensus estimate of $0.63 by $0.05. The company had revenue of $54.26 million during the quarter, compared to the consensus estimate of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. During the same period last year, the firm earned $0.63 EPS. On average, sell-side analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current year.

Institutional Trading of Washington Trust Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. AlphaQuest LLC purchased a new stake in Washington Trust Bancorp in the 2nd quarter worth approximately $33,000. Ransom Advisory Ltd purchased a new stake in Washington Trust Bancorp in the 1st quarter worth approximately $40,000. Federated Hermes Inc. purchased a new stake in shares of Washington Trust Bancorp during the 1st quarter valued at $53,000. Tower Research Capital LLC TRC raised its position in shares of Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after buying an additional 1,578 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its position in shares of Washington Trust Bancorp by 312.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,504 shares of the financial services provider’s stock valued at $127,000 after buying an additional 3,412 shares in the last quarter. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

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.