Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Lowered by StockNews.com

StockNews.com downgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a report released on Tuesday.

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

Washington Trust Bancorp Stock Down 0.1 %

Shares of NASDAQ WASH opened at $32.33 on Tuesday. The company has a market cap of $622.68 million, a price-to-earnings ratio of 12.11 and a beta of 0.81. 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 has a 12 month low of $24.11 and a 12 month high of $40.59. The stock has a 50-day moving average price of $33.80 and a two-hundred day moving average price of $32.68.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share 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 quarter in the previous year, the firm posted $0.65 earnings per share. As a group, analysts forecast that Washington Trust Bancorp will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 6.93%. The ex-dividend date of this dividend was Thursday, January 2nd. Washington Trust Bancorp’s payout ratio is currently 83.90%.

Institutional Trading of Washington Trust Bancorp

Several institutional investors have recently modified their holdings of WASH. Wilmington Savings Fund Society FSB acquired a new position in Washington Trust Bancorp during the 3rd quarter worth about $32,000. Hantz Financial Services Inc. raised its position in shares of Washington Trust Bancorp by 15,152.6% during the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider’s stock worth $91,000 after acquiring an additional 2,879 shares during the last quarter. Barrett & Company Inc. lifted its stake in shares of Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 787 shares during the period. CWM LLC boosted its holdings 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 valued at $163,000 after acquiring an additional 1,902 shares during the last quarter. Finally, Sanders Morris Harris LLC acquired a new stake in Washington Trust Bancorp during the 3rd quarter valued at approximately $206,000. 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.