Investment analysts at Boenning Scattergood started coverage on shares of Washington Trust Bancorp (NASDAQ:WASH) in a note issued to investors on Wednesday, June 26th, Marketbeat.com reports. The firm set an “outperform” rating and a $55.00 price target on the financial services provider’s stock. Boenning Scattergood’s price target would indicate a potential upside of 6.98% from the company’s current price. Boenning Scattergood also issued estimates for Washington Trust Bancorp’s Q2 2019 earnings at $1.05 EPS, Q3 2019 earnings at $1.05 EPS, Q4 2019 earnings at $1.05 EPS, FY2019 earnings at $4.15 EPS, Q1 2020 earnings at $1.05 EPS, Q2 2020 earnings at $1.07 EPS, Q3 2020 earnings at $1.10 EPS, Q4 2020 earnings at $1.13 EPS and FY2020 earnings at $4.35 EPS.
Several other equities analysts also recently weighed in on WASH. BidaskClub upgraded Northrim BanCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, May 7th. Compass Point downgraded Bank of Hawaii from a “buy” rating to a “neutral” rating and decreased their target price for the company from $83.00 to $82.00 in a research report on Monday, April 22nd. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. Washington Trust Bancorp currently has a consensus rating of “Hold” and an average target price of $54.33.
NASDAQ:WASH traded up $0.43 during mid-day trading on Wednesday, hitting $51.41. 14,739 shares of the company’s stock traded hands, compared to its average volume of 31,733. The stock has a fifty day moving average of $50.93. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.36. The company has a market cap of $890.68 million, a P/E ratio of 13.08 and a beta of 0.67. Washington Trust Bancorp has a twelve month low of $45.93 and a twelve month high of $62.45.
In other Washington Trust Bancorp news, Director John T. Ruggieri bought 500 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were bought at an average price of $53.00 per share, for a total transaction of $26,500.00. Following the transaction, the director now owns 1,090 shares of the company’s stock, valued at approximately $57,770. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edwin J. Santos sold 600 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.95, for a total value of $31,770.00. Following the transaction, the director now owns 4,650 shares in the company, valued at approximately $246,217.50. The disclosure for this sale can be found here. 2.18% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of Washington Trust Bancorp during the first quarter valued at approximately $129,000. BNP Paribas Arbitrage SA boosted its stake in shares of Washington Trust Bancorp by 206.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,143 shares of the financial services provider’s stock valued at $151,000 after buying an additional 2,116 shares during the period. Aptus Capital Advisors LLC acquired a new stake in shares of Washington Trust Bancorp in the 4th quarter valued at $207,000. Metropolitan Life Insurance Co. NY lifted its stake in shares of Washington Trust Bancorp by 392.4% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,219 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 4,159 shares during the last quarter. Finally, Citigroup Inc. raised its holdings in Washington Trust Bancorp by 8.4% in the 4th quarter. Citigroup Inc. now owns 6,457 shares of the financial services provider’s stock worth $307,000 after acquiring an additional 503 shares during the period. Institutional investors and hedge funds own 58.23% 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 offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.
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