Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a research note released on Tuesday.

Separately, Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $30.00 to $34.00 in a research report on Tuesday, October 22nd.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH opened at $30.76 on Tuesday. The company has a 50 day simple moving average of $35.82 and a two-hundred day simple moving average of $31.73. Washington Trust Bancorp has a fifty-two week low of $24.11 and a fifty-two week high of $40.59. The company has a market capitalization of $524.92 million, a price-to-earnings ratio of 11.52 and a beta of 0.79. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. The company had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. During the same quarter last year, the company earned $0.65 EPS. Analysts expect that Washington Trust Bancorp will post 2.49 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 7.28%. Washington Trust Bancorp’s payout ratio is currently 83.90%.

Institutional Trading of Washington Trust Bancorp

Several institutional investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB bought a new position in shares of Washington Trust Bancorp during the third quarter valued at $32,000. Barrett & Company Inc. raised its position in Washington Trust Bancorp by 20.1% in the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after buying an additional 787 shares during the last quarter. CWM LLC raised its position in Washington Trust Bancorp by 60.5% in the 3rd quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock worth $163,000 after buying an additional 1,902 shares during the last quarter. Sanders Morris Harris LLC bought a new position in Washington Trust Bancorp during the 3rd quarter valued at about $206,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Washington Trust Bancorp during the 3rd quarter valued at about $209,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

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.