Washington Trust Bancorp (NASDAQ:WASH) Upgraded to Neutral at Piper Sandler

Piper Sandler upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from an underweight rating to a neutral rating in a research report released on Tuesday, MarketBeat.com reports. The firm currently has $34.00 price target on the financial services provider’s stock, up from their prior price target of $30.00.

Washington Trust Bancorp Price Performance

WASH stock opened at $34.46 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 3.34. The company’s fifty day simple moving average is $31.77 and its 200 day simple moving average is $28.78. Washington Trust Bancorp has a 12-month low of $21.69 and a 12-month high of $35.01. The firm has a market cap of $587.89 million, a price-to-earnings ratio of 12.86 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a net margin of 11.51% and a return on equity of 9.95%. The business had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. During the same quarter in the previous year, the firm posted $0.65 EPS. On average, analysts expect that Washington Trust Bancorp will post 2.38 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 6.50%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is presently 83.58%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its holdings in Washington Trust Bancorp by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock valued at $22,642,000 after purchasing an additional 59,115 shares during the period. ProShare Advisors LLC raised its position in shares of Washington Trust Bancorp by 10.6% in the first quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock worth $7,834,000 after buying an additional 27,979 shares in the last quarter. American Century Companies Inc. boosted its stake in Washington Trust Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock valued at $7,755,000 after buying an additional 40,122 shares during the period. Bank of New York Mellon Corp grew its position in Washington Trust Bancorp by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock worth $4,094,000 after buying an additional 1,996 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Washington Trust Bancorp by 12.3% in the 2nd quarter. AQR Capital Management LLC now owns 136,141 shares of the financial services provider’s stock worth $3,732,000 after acquiring an additional 14,910 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

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.