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

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

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

Washington Trust Bancorp Trading Down 2.5 %

Shares of WASH traded down $0.88 during midday trading on Tuesday, reaching $33.93. The company had a trading volume of 281,411 shares, compared to its average volume of 104,683. Washington Trust Bancorp has a 1-year low of $24.11 and a 1-year high of $40.59. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm has a 50 day simple moving average of $35.77 and a 200-day simple moving average of $31.68. The stock has a market cap of $579.02 million, a PE ratio of 12.71 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data 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. The firm had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. During the same period last year, the business earned $0.65 earnings per share. Research analysts forecast that Washington Trust Bancorp will post 2.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its holdings in Washington Trust Bancorp by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock valued at $22,642,000 after purchasing an additional 59,115 shares during the last quarter. Inspire Advisors LLC purchased a new position in shares of Washington Trust Bancorp during the second quarter worth $1,529,000. American Century Companies Inc. grew its stake in shares of Washington Trust Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock valued at $7,755,000 after buying an additional 40,122 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Washington Trust Bancorp by 56.6% in the 2nd quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock valued at $2,979,000 after buying an additional 39,268 shares during the period. Finally, Zacks Investment Management acquired a new position in Washington Trust Bancorp during the 3rd quarter worth about $1,258,000. 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.