Washington Trust Bancorp (NASDAQ:WASH) Raised to “Hold” at StockNews.com

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

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

Washington Trust Bancorp Trading Up 3.2 %

Shares of Washington Trust Bancorp stock opened at $31.01 on Friday. The firm has a market cap of $597.16 million, a PE ratio of 11.61 and a beta of 0.81. The stock has a fifty day moving average price of $35.30 and a 200-day moving average price of $32.21. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. Washington Trust Bancorp has a 1 year low of $24.11 and a 1 year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. The company had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. During the same period in the prior year, the company earned $0.65 earnings per share. Equities research analysts anticipate that Washington Trust Bancorp will post 2.49 EPS for the current year.

Hedge Funds Weigh In On Washington Trust Bancorp

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in Washington Trust Bancorp by 60.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock worth $2,150,000 after purchasing an additional 25,029 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Washington Trust Bancorp in the third quarter worth approximately $32,000. Barclays PLC lifted its stake in shares of 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 last quarter. Zacks Investment Management purchased a new position in Washington Trust Bancorp during the 3rd quarter valued at $1,258,000. Finally, Jane Street Group LLC grew its position 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 acquiring an additional 17,906 shares during the last quarter. 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.