StockNews.com Upgrades Washington Trust Bancorp (NASDAQ:WASH) to “Hold”

StockNews.com upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

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

Washington Trust Bancorp Trading Up 1.7 %

Shares of WASH stock opened at $32.77 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp has a one year low of $24.11 and a one year high of $40.59. The company has a 50 day moving average price of $33.25 and a 200 day moving average price of $32.89.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating 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%. Analysts forecast that Washington Trust Bancorp will post 2.7 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were paid a dividend of $0.56 per share. The ex-dividend date was Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.84%. Washington Trust Bancorp’s dividend payout ratio is currently -144.52%.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its holdings in shares of Washington Trust Bancorp by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock worth $22,642,000 after purchasing an additional 59,115 shares during the period. AQR Capital Management LLC grew its position in shares of Washington Trust Bancorp by 12.3% during the 2nd quarter. AQR Capital Management LLC now owns 136,141 shares of the financial services provider’s stock valued at $3,732,000 after buying an additional 14,910 shares during the last quarter. Aptus Capital Advisors LLC raised its stake in Washington Trust Bancorp by 15.6% during the third quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock worth $3,344,000 after acquiring an additional 14,028 shares during the period. State of New Jersey Common Pension Fund D lifted its holdings in Washington Trust Bancorp by 0.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock worth $2,375,000 after acquiring an additional 472 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Washington Trust Bancorp by 60.0% in the third quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock valued at $2,150,000 after acquiring an additional 25,029 shares during the period. 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.