Washington Trust Bancorp (NASDAQ:WASH) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a strong-buy rating in a research note issued to investors on Thursday morning,Zacks.com reports.

Several other brokerages also recently issued reports on WASH. Piper Sandler set a $32.00 price target on Washington Trust Bancorp in a research report on Thursday. Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods raised their target price on Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Washington Trust Bancorp presently has a consensus rating of “Hold” and an average price target of $31.33.

Washington Trust Bancorp Trading Up 1.0%

NASDAQ:WASH opened at $34.37 on Thursday. The company’s 50 day moving average is $30.08 and its 200-day moving average is $28.93. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.53. Washington Trust Bancorp has a 12 month low of $24.95 and a 12 month high of $34.95. The firm has a market cap of $654.06 million, a price-to-earnings ratio of 12.73, a P/E/G ratio of 0.74 and a beta of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.08. The business had revenue of $59.25 million during the quarter, compared to the consensus estimate of $56.38 million. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.83%. Equities analysts anticipate that Washington Trust Bancorp will post 2.76 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.5%. The ex-dividend date was Friday, January 2nd. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.96%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Washington Trust Bancorp by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,140,227 shares of the financial services provider’s stock worth $32,953,000 after purchasing an additional 7,641 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Washington Trust Bancorp by 28.3% in the third quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider’s stock valued at $16,189,000 after purchasing an additional 123,734 shares in the last quarter. Geode Capital Management LLC lifted its position in Washington Trust Bancorp by 1.4% in the second quarter. Geode Capital Management LLC now owns 473,378 shares of the financial services provider’s stock worth $13,389,000 after purchasing an additional 6,570 shares during the period. Invesco Ltd. boosted its stake in Washington Trust Bancorp by 3.0% during the second quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock worth $8,608,000 after buying an additional 8,938 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Washington Trust Bancorp by 11.5% during the second quarter. AQR Capital Management LLC now owns 212,675 shares of the financial services provider’s stock worth $6,014,000 after buying an additional 21,946 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

Key Stories Impacting Washington Trust Bancorp

Here are the key news stories impacting Washington Trust Bancorp this week:

• Positive Sentiment: Q4 results beat estimates — WASH reported $0.83 EPS vs. $0.75 consensus and revenue above estimates, driving the immediate positive reaction. Read More.
• Positive Sentiment: Swing to profit and balance-sheet restructuring highlighted — company reported a return to quarterly profit ($52.2M reported in coverage) after restructuring and strategic shifts, which supports improved fundamentals. Read More.
• Positive Sentiment: Zacks Rank upgrade and multiple “Strong Buy” listings — WASH was added to Zacks Rank #1 and to growth, value and income-focused Strong Buy lists, increasing buy-side visibility. Read More.
• Positive Sentiment: Management set targets for 5% loan growth and margin expansion via new commercial hires — this guidance supports revenue and net interest margin improvement assumptions. Read More.
• Neutral Sentiment: Detailed earnings call transcript available — useful for investors wanting color on drivers (credit, expenses, capital actions) but not a standalone catalyst. Read More.
• Negative Sentiment: Keefe, Bruyette & Woods raised target to $34 but kept a “market perform” rating — the $34 target implies limited upside (roughly flat to slightly below current levels), which tempers the bullish momentum. Read More.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.