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

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Saturday.

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

Washington Trust Bancorp Trading Down 3.5 %

Shares of NASDAQ WASH opened at $29.58 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. Washington Trust Bancorp has a 12 month low of $24.11 and a 12 month high of $40.59. The company has a market cap of $569.62 million, a price-to-earnings ratio of 11.08 and a beta of 0.81. The business has a fifty day simple moving average of $34.87 and a 200-day simple moving average of $32.42.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. During the same period in the prior year, the firm earned $0.65 earnings per share. Sell-side analysts predict that Washington Trust Bancorp will post 2.49 EPS for the current year.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its stake in shares of Washington Trust Bancorp by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock worth $4,094,000 after acquiring an additional 1,996 shares during the last quarter. Rhumbline Advisers increased its position in Washington Trust Bancorp by 2.2% in the 2nd quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 618 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Washington Trust Bancorp by 5.9% during the 2nd quarter. Victory Capital Management Inc. now owns 20,100 shares of the financial services provider’s stock worth $551,000 after purchasing an additional 1,118 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Washington Trust Bancorp by 16.5% during the 2nd quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock worth $7,755,000 after purchasing an additional 40,122 shares in the last quarter. Finally, Inspire Advisors LLC bought a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at approximately $1,529,000. 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.