Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Upgraded by Wall Street Zen

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Sunday.

A number of other equities research analysts have also issued reports on WASH. Piper Sandler increased their target price on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Zacks Research lowered Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Washington Trust Bancorp currently has an average rating of “Hold” and a consensus target price of $34.50.

Washington Trust Bancorp Stock Up 0.7%

Shares of NASDAQ:WASH traded up $0.24 during midday trading on Friday, hitting $35.85. 133,947 shares of the company’s stock traded hands, compared to its average volume of 191,109. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99. The company has a market cap of $683.66 million, a PE ratio of 13.13, a P/E/G ratio of 0.87 and a beta of 0.72. The firm’s fifty day moving average price is $33.77 and its two-hundred day moving average price is $33.17. Washington Trust Bancorp has a twelve month low of $25.23 and a twelve month high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.11). Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. The company had revenue of $57.83 million during the quarter, compared to analyst estimates of $58.24 million. On average, equities research analysts anticipate that Washington Trust Bancorp will post 3.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other Washington Trust Bancorp news, EVP James Cannon Brown acquired 32,000 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were bought at an average cost of $31.17 per share, for a total transaction of $997,440.00. Following the acquisition, the executive vice president directly owned 37,280 shares of the company’s stock, valued at $1,162,017.60. This trade represents a 606.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Rolando A. Lora sold 885 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $31.55, for a total value of $27,921.75. Following the completion of the transaction, the executive vice president directly owned 11,292 shares in the company, valued at approximately $356,262.60. The trade was a 7.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders bought 36,801 shares of company stock worth $1,147,293. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. raised its holdings in Washington Trust Bancorp by 8.8% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 9,168 shares of the financial services provider’s stock valued at $334,000 after acquiring an additional 740 shares in the last quarter. Rockland Trust Co. grew its holdings in Washington Trust Bancorp by 3.0% during the 2nd quarter. Rockland Trust Co. now owns 26,527 shares of the financial services provider’s stock worth $968,000 after acquiring an additional 770 shares in the last quarter. Bank of America Corp DE increased its position in shares of Washington Trust Bancorp by 35.5% in the 1st quarter. Bank of America Corp DE now owns 103,355 shares of the financial services provider’s stock worth $3,458,000 after purchasing an additional 27,080 shares during the last quarter. Amundi bought a new stake in shares of Washington Trust Bancorp in the 1st quarter worth about $204,000. Finally, Empowered Funds LLC raised its stake in shares of Washington Trust Bancorp by 556.6% in the 1st quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider’s stock valued at $2,225,000 after purchasing an additional 57,329 shares in the last quarter. Institutional investors own 65.81% of the company’s stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.