Washington Trust Bancorp (NASDAQ:WASH) Upgraded by StockNews.com to Hold Rating

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Friday.

Separately, Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Down 4.1 %

NASDAQ WASH opened at $30.06 on Friday. The business’s fifty day simple moving average is $35.36 and its 200-day simple moving average is $32.12. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm has a market cap of $578.87 million, a PE ratio of 11.26 and a beta of 0.79. Washington Trust Bancorp has a 52 week low of $24.11 and a 52 week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $103.86 million for the quarter, compared to the consensus estimate of $47.32 million. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. During the same period in the previous year, the firm earned $0.65 earnings per share. As a group, equities analysts anticipate that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB purchased a new stake in shares of Washington Trust Bancorp in the 3rd quarter valued at approximately $32,000. Barrett & Company Inc. increased its holdings 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 valued at $151,000 after purchasing an additional 787 shares during the last quarter. CWM LLC raised its position in Washington Trust Bancorp by 60.5% in the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock valued at $163,000 after purchasing an additional 1,902 shares during the period. Sanders Morris Harris LLC acquired a new position in Washington Trust Bancorp during the third quarter worth $206,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Washington Trust Bancorp during the third quarter worth $209,000. Hedge funds and other institutional investors own 65.81% 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 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.