Washington Trust Bancorp (NASDAQ:WASH) Upgraded to “Hold” at Zacks Research

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

Several other analysts also recently commented on the stock. Seaport Research Partners downgraded shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday. Weiss Ratings raised shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Keefe, Bruyette & Woods increased their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, Piper Sandler raised their target price on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, June 26th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.50.

Washington Trust Bancorp Stock Up 2.0%

Shares of Washington Trust Bancorp stock opened at $38.39 on Thursday. The firm has a market cap of $732.10 million, a price-to-earnings ratio of 13.33, a P/E/G ratio of 0.89 and a beta of 0.72. The stock has a 50-day simple moving average of $34.88 and a 200-day simple moving average of $33.68. Washington Trust Bancorp has a 52-week low of $25.23 and a 52-week high of $39.85. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.99 and a quick ratio of 0.98.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The firm had revenue of $60.47 million for the quarter, compared to the consensus estimate of $59.91 million. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%. On average, equities research analysts expect that Washington Trust Bancorp will post 3.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Washington Trust Bancorp

In other news, CEO Edward O. Handy III acquired 3,195 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was acquired at an average cost of $31.32 per share, with a total value of $100,067.40. Following the acquisition, the chief executive officer owned 51,442 shares in the company, valued at approximately $1,611,163.44. This represents a 6.62% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Rolando A. Lora sold 885 shares of the firm’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $31.55, for a total transaction of $27,921.75. Following the completion of the transaction, the executive vice president owned 11,292 shares in the company, valued at $356,262.60. The trade was a 7.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Washington Trust Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in the business. First Horizon Corp acquired a new position in shares of Washington Trust Bancorp during the 1st quarter worth about $9,912,000. Franklin Resources Inc. grew its holdings in Washington Trust Bancorp by 28.3% in the 3rd quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider’s stock valued at $16,189,000 after buying an additional 123,734 shares during the last quarter. SG Americas Securities LLC grew its holdings in Washington Trust Bancorp by 1,417.2% in the 4th quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider’s stock valued at $2,908,000 after buying an additional 91,936 shares during the last quarter. Empowered Funds LLC increased its position in Washington Trust Bancorp by 556.6% in the 1st quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider’s stock worth $2,225,000 after buying an additional 57,329 shares during the period. Finally, Qube Research & Technologies Ltd increased its position in Washington Trust Bancorp by 173.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider’s stock worth $2,554,000 after buying an additional 56,102 shares during the period. 65.81% of the stock is owned by institutional investors and hedge funds.

About Washington Trust Bancorp

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.