Washington Trust Bancorp (NASDAQ:WASH) Cut to “Neutral” at Seaport Research Partners

Seaport Research Partners cut shares of Washington Trust Bancorp (NASDAQ:WASH) from a buy rating to a neutral rating in a research note released on Wednesday morning, MarketBeat reports.

A number of other equities analysts have also commented on the stock. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Zacks Research cut Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Finally, Piper Sandler raised their price objective on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Washington Trust Bancorp has a consensus rating of “Hold” and an average target price of $35.50.

Washington Trust Bancorp Stock Up 2.0%

Shares of WASH opened at $38.39 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average price of $34.88 and a two-hundred day moving average price of $33.68. The stock has a market cap of $732.10 million, a price-to-earnings ratio of 13.33, a P/E/G ratio of 0.89 and a beta of 0.72. Washington Trust Bancorp has a 12 month low of $25.23 and a 12 month high of $39.85.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%.The company had revenue of $60.47 million for the quarter, compared to analyst estimates of $59.91 million. Equities analysts predict that Washington Trust Bancorp will post 3.15 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were given a dividend of $0.56 per share. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. Washington Trust Bancorp’s payout ratio is presently 77.78%.

Insiders Place Their Bets

In related news, CEO Edward O. Handy III acquired 3,195 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was acquired at an average cost of $31.32 per share, with a total value of $100,067.40. Following the completion of the purchase, the chief executive officer directly owned 51,442 shares in the company, valued at approximately $1,611,163.44. This trade represents a 6.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Rolando A. Lora sold 885 shares of the company’s stock in a transaction dated 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 sale, the executive vice president owned 11,292 shares of the company’s stock, valued at $356,262.60. This represents a 7.27% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WASH. First Horizon Corp acquired a new position in shares of Washington Trust Bancorp during the 1st quarter worth about $9,912,000. Franklin Resources Inc. raised its position in shares of Washington Trust Bancorp by 28.3% in the 3rd quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider’s stock valued at $16,189,000 after acquiring an additional 123,734 shares during the period. SG Americas Securities LLC boosted its stake in Washington Trust Bancorp by 1,417.2% during the 4th quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider’s stock worth $2,908,000 after acquiring an additional 91,936 shares during the last quarter. Empowered Funds LLC boosted its stake in Washington Trust Bancorp by 556.6% during the 1st quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider’s stock worth $2,225,000 after acquiring an additional 57,329 shares during the last quarter. Finally, Qube Research & Technologies Ltd grew its holdings in Washington Trust Bancorp by 173.8% during the third quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider’s stock valued at $2,554,000 after purchasing an additional 56,102 shares during the period. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

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.