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

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

Separately, Piper Sandler upgraded shares of 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 research report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Down 3.5 %

Shares of WASH opened at $29.58 on Friday. 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 has a 12 month low of $24.11 and a 12 month high of $40.59. The firm’s 50 day moving average is $34.96 and its 200-day moving average is $32.30. The stock has a market capitalization of $569.62 million, a PE ratio of 11.08 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates 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 last year, the company earned $0.65 EPS. Equities research analysts forecast that Washington Trust Bancorp will post 2.49 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new position in Washington Trust Bancorp in the 3rd quarter worth about $32,000. Barrett & Company Inc. increased its stake 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 period. CWM LLC raised its holdings in Washington Trust Bancorp by 60.5% in the 3rd 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 bought a new position in Washington Trust Bancorp in the 3rd quarter valued at approximately $206,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Washington Trust Bancorp during the 3rd quarter worth approximately $209,000. 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.