Washington Trust Bancorp, Inc. (WASH) Downgraded by Compass Point to “Neutral”

Washington Trust Bancorp, Inc. (NASDAQ:WASH) was downgraded by research analysts at Compass Point from a “buy” rating to a “neutral” rating in a report issued on Tuesday, October 24th, Marketbeat.com reports.

Separately, BidaskClub raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd.

Washington Trust Bancorp (NASDAQ:WASH) traded down $0.15 during mid-day trading on Tuesday, reaching $52.85. 16,700 shares of the company’s stock were exchanged, compared to its average volume of 37,786. The company has a market capitalization of $910.13, a PE ratio of 18.29 and a beta of 0.76. Washington Trust Bancorp has a fifty-two week low of $47.00 and a fifty-two week high of $59.10. The company has a debt-to-equity ratio of 2.02, a current ratio of 1.09 and a quick ratio of 1.09.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, October 23rd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.01. Washington Trust Bancorp had a net margin of 23.63% and a return on equity of 12.44%. The firm had revenue of $47.34 million during the quarter.

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In other Washington Trust Bancorp news, Director Katherine W. Hoxsie sold 2,000 shares of the firm’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $56.31, for a total value of $112,620.00. Following the transaction, the director now owns 24,892 shares in the company, valued at approximately $1,401,668.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Dennis L. Algiere sold 950 shares of the firm’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $56.60, for a total value of $53,770.00. Following the completion of the transaction, the senior vice president now owns 9,783 shares in the company, valued at approximately $553,717.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,080 shares of company stock worth $173,021. Corporate insiders own 2.58% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Alps Advisors Inc. increased its position in shares of Washington Trust Bancorp by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 9,104 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 24 shares during the last quarter. Virginia Retirement Systems ET AL increased its position in shares of Washington Trust Bancorp by 1.0% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 9,800 shares of the financial services provider’s stock worth $505,000 after purchasing an additional 100 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of Washington Trust Bancorp by 1.0% during the 2nd quarter. Wells Fargo & Company MN now owns 17,710 shares of the financial services provider’s stock worth $914,000 after purchasing an additional 175 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Washington Trust Bancorp by 0.8% during the 1st quarter. Alliancebernstein L.P. now owns 23,990 shares of the financial services provider’s stock worth $1,183,000 after purchasing an additional 200 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Washington Trust Bancorp by 1.0% during the 2nd quarter. California Public Employees Retirement System now owns 20,900 shares of the financial services provider’s stock worth $1,077,000 after purchasing an additional 200 shares during the last quarter. 55.29% of the stock is owned by hedge funds and other institutional investors.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is a bank holding company and financial holding company. The Company is a holding company of The Washington Trust Company, of Westerly (the Bank), a Rhode Island chartered commercial bank. The Company operates through two business segments: Commercial Banking and Wealth Management Services.

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