Washington Trust Bancorp (NASDAQ:WASH) Downgraded by StockNews.com to “Sell”

StockNews.com lowered shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a research report report published on Tuesday.

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

Washington Trust Bancorp Stock Performance

NASDAQ:WASH opened at $33.93 on Tuesday. The stock has a market capitalization of $579.02 million, a P/E ratio of 12.71 and a beta of 0.79. Washington Trust Bancorp has a 1 year low of $24.11 and a 1 year high of $40.59. The firm has a 50 day moving average of $35.77 and a 200-day moving average of $31.68. 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 (NASDAQ:WASH) last issued its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. The business had revenue of $103.86 million for the quarter, compared to the consensus estimate of $47.32 million. During the same quarter in the prior year, the company earned $0.65 EPS. As a group, sell-side analysts anticipate that Washington Trust Bancorp will post 2.49 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 6.60%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s payout ratio is 83.90%.

Institutional Trading of Washington Trust Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in shares of Washington Trust Bancorp by 7.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock worth $22,642,000 after purchasing an additional 59,115 shares during the last quarter. Inspire Advisors LLC bought a new stake in Washington Trust Bancorp during the second quarter worth $1,529,000. American Century Companies Inc. lifted its stake in Washington Trust Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock valued at $7,755,000 after acquiring an additional 40,122 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Washington Trust Bancorp by 56.6% during the 2nd quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock worth $2,979,000 after purchasing an additional 39,268 shares during the last quarter. Finally, Zacks Investment Management bought a new stake in shares of Washington Trust Bancorp in the 3rd quarter valued at about $1,258,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

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.