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

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

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

Washington Trust Bancorp Trading Down 1.4 %

NASDAQ WASH opened at $32.37 on Tuesday. Washington Trust Bancorp has a 12-month low of $24.11 and a 12-month high of $40.59. The company has a fifty day simple moving average of $33.93 and a two-hundred day simple moving average of $32.69. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. The stock has a market cap of $623.45 million, a P/E ratio of 12.12 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The firm 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 quarter in the previous year, the company posted $0.65 earnings per share. On average, analysts forecast that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC lifted its holdings in Washington Trust Bancorp by 5.9% during the fourth quarter. SG Americas Securities LLC now owns 12,229 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 682 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings 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 valued at $2,150,000 after purchasing an additional 25,029 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Washington Trust Bancorp in the third quarter valued at about $32,000. Barclays PLC lifted its stake in shares of Washington Trust Bancorp by 44.9% in the third quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock worth $1,717,000 after buying an additional 16,511 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in Washington Trust Bancorp in the 3rd quarter valued at about $1,258,000. 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.