Washington Trust Bancorp (NASDAQ:WASH) Upgraded by StockNews.com to "Hold" Rating

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "sell" rating to a "hold" rating in a research report issued on Friday.

Separately, Piper Sandler raised shares of Washington Trust Bancorp from an "underweight" rating to a "neutral" rating and increased their price objective for the stock from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Up 3.2 %

NASDAQ WASH traded up $0.95 during trading hours on Friday, reaching $31.01. 274,989 shares of the company traded hands, compared to its average volume of 255,995. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp has a 12 month low of $24.11 and a 12 month high of $40.59. The company has a 50 day moving average of $35.30 and a two-hundred day moving average of $32.16. The stock has a market capitalization of $597.16 million, a PE ratio of 11.61 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.08. The firm had revenue of $103.86 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted $0.65 earnings per share. As a group, equities analysts expect that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake 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 worth $22,642,000 after acquiring an additional 59,115 shares in the last quarter. Inspire Advisors LLC bought a new position in Washington Trust Bancorp during the second quarter valued at about $1,529,000. American Century Companies Inc. grew its holdings in Washington Trust Bancorp by 16.5% during 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 purchasing an additional 40,122 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Washington Trust Bancorp by 56.6% during the second quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider's stock valued at $2,979,000 after acquiring an additional 39,268 shares during the period. Finally, Zacks Investment Management acquired a new position in shares of Washington Trust Bancorp during the third quarter worth approximately $1,258,000. Hedge funds and other institutional investors own 65.81% of the company's stock.

About Washington Trust Bancorp

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.