Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Upgraded by Seaport Res Ptn

Seaport Res Ptn upgraded shares of Washington Trust Bancorp (NASDAQ:WASH - Free Report) from a hold rating to a strong-buy rating in a research report report published on Friday,Zacks.com reports.

Separately, StockNews.com raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Friday, January 31st.

Washington Trust Bancorp Stock Up 1.1 %

WASH stock traded up $0.36 during midday trading on Friday, reaching $31.69. 153,558 shares of the company were exchanged, compared to its average volume of 126,822. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. Washington Trust Bancorp has a 1-year low of $24.11 and a 1-year high of $40.59. The stock's 50-day simple moving average is $31.80 and its 200 day simple moving average is $33.14. The company has a market cap of $610.86 million, a price-to-earnings ratio of -20.45 and a beta of 0.80.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. On average, equities analysts forecast that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

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Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were issued a $0.56 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.07%. Washington Trust Bancorp's payout ratio is -144.52%.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of institutional investors have recently modified their holdings of WASH. The Manufacturers Life Insurance Company increased its holdings in shares of Washington Trust Bancorp by 6,117.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock valued at $12,658,000 after acquiring an additional 397,255 shares during the period. Millennium Management LLC increased its holdings in shares of Washington Trust Bancorp by 3,240.0% in the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock valued at $7,096,000 after acquiring an additional 219,578 shares during the period. Franklin Resources Inc. acquired a new position in shares of Washington Trust Bancorp in the 4th quarter valued at $6,824,000. Wellington Management Group LLP acquired a new position in shares of Washington Trust Bancorp in the 4th quarter valued at $4,853,000. Finally, Soros Fund Management LLC acquired a new position in shares of Washington Trust Bancorp in the 4th quarter valued at $4,232,000. 65.81% of the stock is 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.