Washington Trust Bancorp (NASDAQ:WASH) Downgraded by Zacks Research to Strong Sell

Zacks Research cut shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a strong sell rating in a report issued on Wednesday morning,Zacks.com reports.

A number of other equities analysts have also issued reports on WASH. Wall Street Zen lowered shares of Washington Trust Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. Weiss Ratings raised shares of Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, April 21st. Keefe, Bruyette & Woods boosted their target price on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Friday, January 30th. Finally, Piper Sandler assumed coverage on shares of Washington Trust Bancorp in a research report on Monday, March 16th. They set a “neutral” rating and a $32.00 target price on the stock. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Washington Trust Bancorp has a consensus rating of “Hold” and an average target price of $31.33.

Washington Trust Bancorp Trading Up 0.7%

NASDAQ:WASH opened at $32.20 on Wednesday. Washington Trust Bancorp has a 12 month low of $25.23 and a 12 month high of $37.08. The firm has a market cap of $613.09 million, a price-to-earnings ratio of 11.79, a P/E/G ratio of 0.77 and a beta of 0.73. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.19. The company’s 50 day moving average is $33.28 and its 200-day moving average is $31.43.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, April 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). Washington Trust Bancorp had a return on equity of 9.85% and a net margin of 13.71%.The company had revenue of $57.83 million for the quarter, compared to the consensus estimate of $58.24 million. Equities analysts anticipate that Washington Trust Bancorp will post 3.09 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Wednesday, April 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 7.0%. The ex-dividend date of this dividend was Wednesday, April 1st. Washington Trust Bancorp’s payout ratio is 82.05%.

Insider Buying and Selling at Washington Trust Bancorp

In other Washington Trust Bancorp news, CEO Edward O. Handy III purchased 3,195 shares of the stock in a transaction on Monday, April 27th. The shares were purchased at an average price of $31.32 per share, with a total value of $100,067.40. Following the acquisition, the chief executive officer directly owned 51,442 shares of the company’s stock, valued at $1,611,163.44. This represents a 6.62% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP James Cannon Brown purchased 32,000 shares of the stock in a transaction on Thursday, April 23rd. The stock was acquired at an average cost of $31.17 per share, for a total transaction of $997,440.00. Following the acquisition, the executive vice president directly owned 37,280 shares in the company, valued at approximately $1,162,017.60. This trade represents a 606.06% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders bought 36,801 shares of company stock worth $1,147,293. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Washington Trust Bancorp

Several large investors have recently made changes to their positions in the company. Federated Hermes Inc. grew its holdings in shares of Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 420 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Washington Trust Bancorp by 14.0% in the 4th quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider’s stock worth $116,000 after purchasing an additional 481 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Washington Trust Bancorp by 11.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 526 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Washington Trust Bancorp by 114.6% in the 4th 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 last quarter. Finally, Brown Lisle Cummings Inc. grew its holdings in shares of Washington Trust Bancorp by 1.3% in the 1st quarter. Brown Lisle Cummings Inc. now owns 47,098 shares of the financial services provider’s stock worth $1,576,000 after purchasing an additional 620 shares during the last quarter. Institutional investors 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.