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

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

Separately, Piper Sandler raised 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 research report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Down 2.2 %

NASDAQ WASH opened at $30.76 on Thursday. 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 52 week low of $24.11 and a 52 week high of $40.59. The firm has a market capitalization of $592.35 million, a price-to-earnings ratio of 11.52 and a beta of 0.79. The company has a fifty day moving average of $35.67 and a two-hundred day moving average of $31.93.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly 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 firm had revenue of $103.86 million during the quarter, compared to analysts’ expectations 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 company earned $0.65 EPS. On average, analysts predict that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in WASH. Wilmington Savings Fund Society FSB purchased a new stake in Washington Trust Bancorp in the third quarter worth about $32,000. Barrett & Company Inc. increased its holdings in Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after buying an additional 787 shares during the period. CWM LLC raised its stake 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 worth $163,000 after buying an additional 1,902 shares in the last quarter. Sanders Morris Harris LLC purchased a new stake in Washington Trust Bancorp during the third quarter worth $206,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Washington Trust Bancorp during the 3rd quarter valued at $209,000. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

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.