Washington Trust Bancorp (NASDAQ:WASH) Upgraded by Seaport Res Ptn to “Strong-Buy” Rating

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by analysts at Seaport Res Ptn from a “hold” rating to a “strong-buy” rating in a report issued on Friday,Zacks.com reports.

Separately, StockNews.com upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st.

Washington Trust Bancorp Stock Up 4.8 %

Shares of Washington Trust Bancorp stock opened at $30.85 on Friday. Washington Trust Bancorp has a one year low of $24.11 and a one year high of $40.59. The company has a market cap of $594.66 million, a P/E ratio of -19.90 and a beta of 0.80. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a fifty day moving average of $31.79 and a two-hundred day moving average of $33.16.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. On average, analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in WASH. Wilmington Savings Fund Society FSB acquired a new stake in shares of Washington Trust Bancorp in the 3rd quarter worth approximately $32,000. Hantz Financial Services Inc. boosted 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 in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Washington Trust Bancorp in the fourth quarter valued at $97,000. State of Tennessee Department of Treasury purchased a new position in shares of Washington Trust Bancorp in the fourth quarter valued at $131,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Washington Trust Bancorp during the 3rd quarter worth $209,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

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.