Washington Trust Bancorp (NASDAQ:WASH) Upgraded to “Hold” at StockNews.com

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

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

Washington Trust Bancorp Stock Performance

WASH traded down $0.48 on Thursday, reaching $25.99. The company had a trading volume of 110,310 shares, compared to its average volume of 90,879. The stock has a market capitalization of $442.61 million, a PE ratio of 9.59 and a beta of 0.81. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 2.57. Washington Trust Bancorp has a 1 year low of $21.69 and a 1 year high of $33.96. The stock has a 50-day moving average price of $25.81 and a 200-day moving average price of $27.21.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.22. The company had revenue of $45.96 million during the quarter, compared to analysts’ expectations of $47.38 million. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 12.01%. As a group, research analysts forecast that Washington Trust Bancorp will post 1.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Washington Trust Bancorp

Several hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in shares of Washington Trust Bancorp by 3.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 20,575 shares of the financial services provider’s stock worth $542,000 after buying an additional 715 shares in the last quarter. New England Professional Planning Group Inc. grew its stake in shares of Washington Trust Bancorp by 10.8% during the 1st quarter. New England Professional Planning Group Inc. now owns 10,528 shares of the financial services provider’s stock worth $283,000 after purchasing an additional 1,027 shares during the period. Barrett & Company Inc. lifted 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 valued at $106,000 after purchasing an additional 1,097 shares during the period. Kestra Private Wealth Services LLC boosted its holdings in Washington Trust Bancorp by 5.3% during the fourth 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 in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in Washington Trust Bancorp by 52.8% in the fourth quarter. Quadrant Capital Group LLC now owns 9,869 shares of the financial services provider’s stock valued at $320,000 after buying an additional 3,410 shares in the last quarter. 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.