Washington Trust Bancorp (NASDAQ:WASH) Lifted to Hold at StockNews.com

StockNews.com upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a sell rating to a hold rating in a research report report published on Thursday.

Separately, Seaport Res Ptn cut shares of Washington Trust Bancorp from a buy rating to a neutral rating in a report on Wednesday, January 31st.

Washington Trust Bancorp Stock Down 1.8 %

Shares of Washington Trust Bancorp stock opened at $25.99 on Thursday. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.07 and a quick ratio of 1.07. Washington Trust Bancorp has a 1 year low of $21.69 and a 1 year high of $33.96. The firm’s 50-day moving average is $25.81 and its two-hundred day moving average is $27.21. The stock has a market cap of $442.61 million, a price-to-earnings ratio of 9.59 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.22. Washington Trust Bancorp had a net margin of 12.01% and a return on equity of 10.18%. The company had revenue of $45.96 million for the quarter, compared to analysts’ expectations of $47.38 million. As a group, research analysts expect that Washington Trust Bancorp will post 1.91 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Monday, April 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 8.62%. The ex-dividend date was Thursday, March 28th. Washington Trust Bancorp’s dividend payout ratio is currently 82.66%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Barrett & Company Inc. increased its stake in Washington Trust Bancorp by 37.7% during the 3rd quarter. Barrett & Company Inc. now owns 4,010 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 1,097 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Washington Trust Bancorp in the fourth quarter valued at about $179,000. Quest Partners LLC purchased a new position in shares of Washington Trust Bancorp in the fourth quarter worth about $186,000. Retirement Planning Co of New England Inc. acquired a new stake in shares of Washington Trust Bancorp during the third quarter worth about $240,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Washington Trust Bancorp during the fourth quarter worth about $259,000. 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.