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

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

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

Washington Trust Bancorp Trading Down 0.1 %

Shares of Washington Trust Bancorp stock opened at $32.33 on Tuesday. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The business has a fifty day simple moving average of $33.80 and a two-hundred day simple moving average of $32.68. Washington Trust Bancorp has a 1 year low of $24.11 and a 1 year high of $40.59. The company has a market capitalization of $622.68 million, a price-to-earnings ratio of 12.11 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last posted its 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. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. The company 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 EPS. Research analysts forecast that Washington Trust Bancorp will post 2.49 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.93%. The ex-dividend date was Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is currently 83.90%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB bought a new stake in shares of Washington Trust Bancorp during the 3rd quarter valued at $32,000. Hantz Financial Services Inc. lifted its position in Washington Trust Bancorp by 15,152.6% during the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider’s stock worth $91,000 after purchasing an additional 2,879 shares during the period. Barrett & Company Inc. grew its stake in Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after buying an additional 787 shares in the last quarter. CWM LLC increased 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 period. Finally, Sanders Morris Harris LLC acquired a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at approximately $206,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

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.