Washington Trust Bancorp (NASDAQ:WASH) Downgraded by StockNews.com to Sell

StockNews.com lowered shares of Washington Trust Bancorp (NASDAQ:WASH - Free Report) from a hold rating to a sell rating in a research report report published on Tuesday morning.

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

Washington Trust Bancorp Price Performance

NASDAQ WASH remained flat at $32.83 during trading on Tuesday. 55,427 shares of the company's stock were exchanged, compared to its average volume of 201,830. Washington Trust Bancorp has a 1-year low of $24.11 and a 1-year high of $40.59. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market cap of $632.31 million, a price-to-earnings ratio of 12.30 and a beta of 0.81. The company has a 50-day simple moving average of $34.21 and a 200 day simple moving average of $32.64.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.08. The company had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same quarter in the previous year, the firm earned $0.65 earnings per share. Research analysts expect that Washington Trust Bancorp will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.82%. The ex-dividend date was Thursday, January 2nd. Washington Trust Bancorp's dividend payout ratio is presently 83.90%.

Institutional Trading of Washington Trust Bancorp

Large investors have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB purchased a new stake in Washington Trust Bancorp in the 3rd quarter worth approximately $32,000. Barrett & Company Inc. boosted its holdings in Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider's stock worth $151,000 after buying an additional 787 shares in the last quarter. CWM LLC boosted its holdings in Washington Trust Bancorp by 60.5% during the third quarter. CWM LLC now owns 5,048 shares of the financial services provider's stock worth $163,000 after buying an additional 1,902 shares in the last quarter. Sanders Morris Harris LLC acquired a new stake in Washington Trust Bancorp during the third quarter valued at $206,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Washington Trust Bancorp during the 3rd quarter valued at about $209,000. 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.