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

StockNews.com lowered shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a report issued on Saturday morning.

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

Washington Trust Bancorp Stock Performance

Shares of Washington Trust Bancorp stock opened at $29.95 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 stock’s fifty day moving average is $34.87 and its two-hundred day moving average is $32.42. Washington Trust Bancorp has a 52 week low of $24.11 and a 52 week high of $40.59. The company has a market capitalization of $576.75 million, a PE ratio of 11.22 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last posted 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. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. The firm had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. During the same period in the prior year, the business posted $0.65 earnings per share. As a group, analysts expect that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 7.48%. The ex-dividend date is Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

Institutional Inflows and Outflows

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