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

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

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 Stock Performance

WASH opened at $30.76 on Thursday. 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 has a 50 day moving average of $35.67 and a two-hundred day moving average of $31.93. The firm has a market capitalization of $592.35 million, a PE ratio of 11.52 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH) last issued its 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 firm had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. During the same quarter last year, the company posted $0.65 earnings per share. On average, analysts anticipate that Washington Trust Bancorp will post 2.49 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake 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 buying an additional 59,115 shares during the period. Inspire Advisors LLC acquired a new position in Washington Trust Bancorp during the second quarter worth $1,529,000. American Century Companies Inc. raised its position in Washington Trust Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock worth $7,755,000 after acquiring an additional 40,122 shares during the period. Renaissance Technologies LLC lifted its holdings in Washington Trust Bancorp by 56.6% during the second quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock valued at $2,979,000 after purchasing an additional 39,268 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in shares of Washington Trust Bancorp in the third quarter valued at about $1,258,000. Institutional investors and hedge funds 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.