Washington Trust buyback ‘modest positive’ for shares, says Keefe Bruyette

Keefe Bruyette keeps a Market Perform rating on Washington Trust Bancorp with a $27 price target after the company approved a new repurchase program for 2024 that authorizes the company to repurchase up to 850,000 shares. The analyst views the announcement as a “modest positive” for shares, although the firm expects “muted” buyback activity in the near term.