Washington Trust Bancorp (NASDAQ:WASH) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a strong sell rating to a hold rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a report on Wednesday. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Seaport Research Partners downgraded Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday. Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Piper Sandler lifted their target price on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.50.

Washington Trust Bancorp Trading Up 2.0%

Shares of NASDAQ WASH opened at $38.39 on Thursday. Washington Trust Bancorp has a 12-month low of $25.23 and a 12-month high of $39.85. The company has a market cap of $732.10 million, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 0.89 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09. The stock’s 50 day simple moving average is $34.88 and its 200 day simple moving average is $33.68.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%.The firm had revenue of $60.47 million during the quarter, compared to the consensus estimate of $59.91 million. Equities research analysts expect that Washington Trust Bancorp will post 3.15 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date of this dividend was Wednesday, July 1st. Washington Trust Bancorp’s payout ratio is currently 77.78%.

Insider Buying and Selling at Washington Trust Bancorp

In other Washington Trust Bancorp news, EVP Rolando A. Lora sold 885 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $31.55, for a total value of $27,921.75. Following the sale, the executive vice president directly owned 11,292 shares in the company, valued at approximately $356,262.60. The trade was a 7.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Edward O. Handy III purchased 3,195 shares of the business’s stock in a transaction on Monday, April 27th. The stock was acquired at an average cost of $31.32 per share, with a total value of $100,067.40. Following the completion of the acquisition, the chief executive officer directly owned 51,442 shares in the company, valued at $1,611,163.44. The trade was a 6.62% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Washington Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its holdings in shares of Washington Trust Bancorp by 114.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 542 shares during the period. State of Wyoming acquired a new stake in shares of Washington Trust Bancorp during the first quarter worth approximately $70,000. Federated Hermes Inc. boosted its holdings in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 420 shares during the period. Tower Research Capital LLC TRC grew its position in Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 1,869 shares in the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.