Piper Sandler lowers Washington Trust Bancorp (NASDAQ:WASH) price target to $53.00
Washington Trust Bancorp (NASDAQ: WASH – Get a rating) had its price target reduced by Piper Sandler to $53.00 in a research report released on Wednesday, Target Stock Advisor reports. Piper Sandler’s price target would point to a potential upside of 9.44% from the company’s previous close.
WASH has been the subject of a number of other research reports. StockNews.com upgraded Washington Trust Bancorp shares from a “sell” to a “hold” rating in a Monday, July 18 research note. Compass Point raised its price target on shares of Washington Trust Bancorp to $60.00 and gave the stock an “outperform” rating in a Wednesday, July 27, report.
Washington Trust Bancorp trades down 0.3%
Shares of WASH traded down $0.14 during trading hours on Wednesday, hitting $48.43. 37,406 shares of the company were traded, compared to its average volume of 56,666. The stock’s 50-day simple moving average is $51.61 and its 200-day simple moving average is 50.16 $. The stock has a market capitalization of $831.59 million, a PE ratio of 11.26 and a beta of 0.77. Washington Trust Bancorp has a 12-month low of $45.60 and a 12-month high of $60.96. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt ratio of 0.74.
Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last released its quarterly results on Monday, July 25. The financial services provider reported earnings per share (EPS) of $1.14 for the quarter, beating the consensus estimate of $0.89 by $0.25. The company posted revenue of $53.37 million in the quarter, versus a consensus estimate of $53.40 million. Washington Trust Bancorp had a net margin of 31.97% and a return on equity of 14.28%. In the same quarter last year, the company earned earnings per share of $1.00. On average, sell-side analysts expect Washington Trust Bancorp to post EPS of 4.19 for the current year.
Institutional entries and exits
A number of hedge funds have recently changed their positions in the business. Captrust Financial Advisors increased its holdings in Washington Trust Bancorp by 16,450.0% in the second quarter. Captrust Financial Advisors now owns 662 shares of the financial services provider worth $32,000 after buying an additional 658 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in Washington Trust Bancorp by 27.2% in the first quarter. Great West Life Assurance Co. Can now owns 1,530 shares of the financial services provider worth $84,000 after buying 327 additional shares in the last quarter. Amalgamated Bank bought a new position in Washington Trust Bancorp during the first quarter worth approximately $108,000. GSA Capital Partners LLP bought a new position in Washington Trust Bancorp during the fourth quarter worth approximately $204,000. Finally, Bradley Foster & Sargent Inc. CT bought a new position in Washington Trust Bancorp during the fourth quarter worth approximately $209,000. 71.44% of the shares are currently held by institutional investors and hedge funds.
About Washington Trust Bancorp
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 mortgages and construction loans; commercial and industrial loans; residential real estate loans which consist of homeowner mortgages and construction 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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