Washington Trust Bancorp (NASDAQ:WASH) Cut to “Neutral” at Seaport Research Partners

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by Seaport Research Partners from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday, MarketBeat.com reports.

Several other research firms have also recently commented on WASH. Zacks Research cut shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Piper Sandler boosted their price objective on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Finally, Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Washington Trust Bancorp currently has an average rating of “Hold” and a consensus price target of $34.50.

Washington Trust Bancorp Stock Performance

Washington Trust Bancorp stock opened at $39.28 on Wednesday. The stock has a 50-day simple moving average of $34.47 and a 200 day simple moving average of $33.52. The stock has a market capitalization of $749.07 million, a price-to-earnings ratio of 13.64, a P/E/G ratio of 0.88 and a beta of 0.72. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. Washington Trust Bancorp has a 12-month low of $25.23 and a 12-month high of $39.85.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $60.47 million for the quarter, compared to analyst estimates of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. On average, research analysts anticipate that Washington Trust Bancorp will post 3.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Washington Trust Bancorp

In related news, EVP Rolando A. Lora sold 885 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $31.55, for a total transaction of $27,921.75. Following the completion of the sale, the executive vice president directly owned 11,292 shares of the company’s stock, valued at $356,262.60. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Ronald S. Ohsberg acquired 1,606 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The stock was acquired at an average price of $31.00 per share, for a total transaction of $49,786.00. Following the completion of the acquisition, the chief financial officer directly owned 29,705 shares of the company’s stock, valued at $920,855. This trade represents a 5.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased 36,801 shares of company stock worth $1,147,293 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in WASH. EverSource Wealth Advisors LLC grew its stake in shares of Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 542 shares during the period. Federated Hermes Inc. lifted its stake in Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after buying an additional 420 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after buying an additional 1,578 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after buying an additional 1,869 shares during the last quarter. Finally, State of Wyoming bought a new position in Washington Trust Bancorp during the first quarter worth about $70,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.