Washington Trust Bancorp (NASDAQ:WASH) Upgraded to Hold at StockNews.com

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

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

Washington Trust Bancorp Trading Up 3.2 %

Shares of WASH stock opened at $31.01 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm has a market cap of $597.16 million, a P/E ratio of 11.61 and a beta of 0.81. The company has a 50 day moving average of $35.30 and a 200-day moving average of $32.25. Washington Trust Bancorp has a 12-month low of $24.11 and a 12-month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $103.86 million during the quarter, compared to the consensus estimate of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same period last year, the business posted $0.65 earnings per share. Sell-side analysts anticipate that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be paid a dividend of $0.56 per share. The ex-dividend date is Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.22%. Washington Trust Bancorp’s payout ratio is 83.90%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Zacks Investment Management purchased a new stake in shares of Washington Trust Bancorp in the third quarter worth about $1,258,000. Barclays PLC increased its holdings in Washington Trust Bancorp by 44.9% during the 3rd quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock worth $1,717,000 after acquiring an additional 16,511 shares during the period. Aptus Capital Advisors LLC lifted its stake in Washington Trust Bancorp by 15.6% in the 3rd quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock worth $3,344,000 after purchasing an additional 14,028 shares in the last quarter. Jane Street Group LLC boosted its holdings in Washington Trust Bancorp by 95.6% in the 3rd quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock valued at $1,180,000 after purchasing an additional 17,906 shares during the period. Finally, Inspire Advisors LLC purchased a new position in shares of Washington Trust Bancorp during the 2nd quarter valued at $1,529,000. Hedge funds and other 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.