Washington Trust Bancorp (NASDAQ:WASH – Get Free Report) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Friday.
Separately, Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $30.00 to $34.00 in a research note on Tuesday, October 22nd.
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Washington Trust Bancorp Trading Down 4.1 %
Washington Trust Bancorp (NASDAQ:WASH – Get Free Report) 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 analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $103.86 million for 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 prior year, the business posted $0.65 earnings per share. As a group, equities analysts forecast that Washington Trust Bancorp will post 2.49 EPS for the current fiscal year.
Hedge Funds Weigh In On Washington Trust Bancorp
Hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new position in Washington Trust Bancorp in the 3rd quarter valued at $32,000. Barrett & Company Inc. raised its position in shares of Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after buying an additional 787 shares during the last quarter. CWM LLC raised its position in shares of Washington Trust Bancorp by 60.5% in the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock valued at $163,000 after buying an additional 1,902 shares during the last quarter. Sanders Morris Harris LLC purchased a new position in shares of Washington Trust Bancorp in the third quarter worth about $206,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Washington Trust Bancorp during the third quarter worth about $209,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.
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.
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