Washington Trust Bancorp (NASDAQ:WASH) Upgraded at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a strong-buy rating in a research note published on Friday,Zacks.com reports.

Separately, StockNews.com upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 31st.

Washington Trust Bancorp Stock Up 4.8 %

WASH opened at $30.85 on Friday. 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 50 day moving average price of $31.79 and a 200-day moving average price of $33.16. Washington Trust Bancorp has a twelve month low of $24.11 and a twelve month high of $40.59. The stock has a market capitalization of $594.66 million, a price-to-earnings ratio of -19.90 and a beta of 0.80.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. Equities research analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd were given a $0.56 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.26%. Washington Trust Bancorp’s payout ratio is currently -144.52%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds have recently modified their holdings of the company. Wilmington Savings Fund Society FSB bought a new position in shares of Washington Trust Bancorp in the third quarter worth approximately $32,000. Hantz Financial Services Inc. boosted its position in shares of Washington Trust Bancorp by 15,152.6% in the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 2,879 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of Washington Trust Bancorp during the fourth quarter worth $97,000. State of Tennessee Department of Treasury bought a new position in shares of Washington Trust Bancorp during the fourth quarter worth $131,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Washington Trust Bancorp during the third quarter worth $209,000. 65.81% of the stock is currently owned by institutional investors.

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.