Washington Trust Bancorp (NASDAQ:WASH) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a sell rating to a hold rating in a report released on Thursday.

Separately, Seaport Res Ptn lowered shares of Washington Trust Bancorp from a buy rating to a neutral rating in a research note on Wednesday, January 31st.

Washington Trust Bancorp Trading Up 0.6 %

Washington Trust Bancorp stock opened at $26.14 on Thursday. Washington Trust Bancorp has a one year low of $21.69 and a one year high of $33.96. The business’s fifty day moving average is $25.76 and its 200 day moving average is $27.21. The stock has a market capitalization of $445.16 million, a PE ratio of 9.65 and a beta of 0.81. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.07 and a quick ratio of 1.07.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.22. The firm had revenue of $45.96 million during the quarter, compared to analysts’ expectations of $47.38 million. Washington Trust Bancorp had a net margin of 12.01% and a return on equity of 10.18%. On average, sell-side analysts predict that Washington Trust Bancorp will post 1.91 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, April 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 8.57%. The ex-dividend date was Thursday, March 28th. Washington Trust Bancorp’s payout ratio is 82.66%.

Institutional Trading of Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WASH. PNC Financial Services Group Inc. increased its stake in shares of Washington Trust Bancorp by 3.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 20,575 shares of the financial services provider’s stock worth $542,000 after purchasing an additional 715 shares in the last quarter. New England Professional Planning Group Inc. lifted its holdings in Washington Trust Bancorp by 10.8% during the first quarter. New England Professional Planning Group Inc. now owns 10,528 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 1,027 shares in the last quarter. Barrett & Company Inc. increased its stake in shares of Washington Trust Bancorp by 37.7% in the third quarter. Barrett & Company Inc. now owns 4,010 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 1,097 shares in the last quarter. Kestra Private Wealth Services LLC boosted its holdings in Washington Trust Bancorp by 5.3% in the 4th quarter. Kestra Private Wealth Services LLC now owns 29,451 shares of the financial services provider’s stock worth $954,000 after buying an additional 1,477 shares during the period. Finally, Quadrant Capital Group LLC boosted its holdings in Washington Trust Bancorp by 52.8% in the 4th quarter. Quadrant Capital Group LLC now owns 9,869 shares of the financial services provider’s stock worth $320,000 after buying an additional 3,410 shares during the period. 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.