Washington Trust Bancorp (NASDAQ:WASH) Rating Increased to Strong-Buy at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a strong-buy rating in a research note published on Friday,Zacks.com reports.

Separately, StockNews.com raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH opened at $30.85 on Friday. The stock has a market cap of $594.66 million, a price-to-earnings ratio of -19.90 and a beta of 0.80. Washington Trust Bancorp has a 52 week low of $24.11 and a 52 week high of $40.59. The company’s 50-day moving average price is $31.79 and its 200 day moving average price is $33.16. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. As a group, research analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.24 annualized dividend and a dividend yield of 7.26%. Washington Trust Bancorp’s payout ratio is currently -144.52%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WASH. The Manufacturers Life Insurance Company lifted its holdings in shares of Washington Trust Bancorp by 6,117.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider’s stock worth $12,658,000 after acquiring an additional 397,255 shares during the period. Millennium Management LLC lifted its holdings in shares of Washington Trust Bancorp by 3,240.0% during the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider’s stock worth $7,096,000 after acquiring an additional 219,578 shares during the period. Franklin Resources Inc. purchased a new position in shares of Washington Trust Bancorp during the 4th quarter worth about $6,824,000. Wellington Management Group LLP purchased a new position in shares of Washington Trust Bancorp during the 4th quarter worth about $4,853,000. Finally, Soros Fund Management LLC purchased a new position in shares of Washington Trust Bancorp during the 4th quarter worth about $4,232,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

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.