Washington Trust Bancorp (NASDAQ:WASH) Cut to “Sell” at StockNews.com

StockNews.com cut shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a report published on Tuesday morning.

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

Washington Trust Bancorp Stock Performance

NASDAQ:WASH opened at $30.76 on Tuesday. 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 has a fifty-two week low of $24.11 and a fifty-two week high of $40.59. The business has a 50 day moving average price of $35.82 and a 200-day moving average price of $31.73. The firm has a market cap of $524.92 million, a PE ratio of 11.52 and a beta of 0.79.

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

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be given a dividend of $0.56 per share. 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 Investors Weigh In On Washington Trust Bancorp

Institutional investors and hedge funds have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB bought a new position in Washington Trust Bancorp in the third quarter worth about $32,000. Barrett & Company Inc. raised its position in shares of 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 acquiring an additional 787 shares in the last quarter. CWM LLC raised its position in shares of 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 acquiring an additional 1,902 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at approximately $206,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Washington Trust Bancorp during the third quarter valued at approximately $209,000. 65.81% of the stock is owned by hedge funds and other 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.