Washington Trust Bancorp (NASDAQ:WASH) Rating Lowered to Sell at StockNews.com

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

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

Washington Trust Bancorp Trading Down 1.4 %

Shares of WASH stock opened at $32.37 on Tuesday. The firm’s 50 day moving average is $33.93 and its 200 day moving average is $32.69. The stock has a market capitalization of $623.45 million, a P/E ratio of 12.12 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.

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

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds have recently made changes to their positions in WASH. Wilmington Savings Fund Society FSB purchased a new stake in shares of Washington Trust Bancorp during the 3rd quarter worth approximately $32,000. Barrett & Company Inc. raised its position in Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 787 shares during the period. CWM LLC boosted its stake in Washington Trust Bancorp by 60.5% during the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock worth $163,000 after buying an additional 1,902 shares during the period. Sanders Morris Harris LLC purchased a new stake in shares of Washington Trust Bancorp in the third quarter valued at $206,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Washington Trust Bancorp in the third quarter worth about $209,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

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.