Wunderlich Securities Lowers Washington Banking Company Price Target

In a report released this morning, Wunderlich Securities said that it maintains its Buy rating on shares of Washington Banking Company WBCO. However, the company is lowering its price target to $16 from $18 “WBCO reported 3Q10 operating EPS of $0.86, outpacing consensus and our estimate of $0.19,” Wunderlich Securities writes. “After deducting one-time charges, core EPS of $0.16 were $0.03 below our estimate, as credit quality worsened somewhat from historically pristine levels while remaining among the strongest in our research universe.” On a positive note, Wunderlich Securities said that Washington Banking Company raised its quarterly dividend 67%. Washington Banking Company currently trades at $12.53.