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

StockNews.com cut shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a research report report published on Thursday.

Separately, Piper Sandler upgraded 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 research report on Tuesday, October 22nd.

Washington Trust Bancorp Price Performance

Washington Trust Bancorp stock opened at $31.44 on Thursday. The business’s fifty day moving average is $35.67 and its two-hundred day moving average is $31.93. 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 52 week low of $24.11 and a 52 week high of $40.59. The firm has a market cap of $605.44 million, a P/E ratio of 11.78 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. The firm had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. During the same period in the previous year, the company posted $0.65 earnings per share. Equities research analysts forecast 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 declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be issued a $0.56 dividend. The ex-dividend date is Thursday, January 2nd. This represents a $2.24 annualized dividend and a yield of 7.12%. Washington Trust Bancorp’s payout ratio is currently 83.90%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its holdings in Washington Trust Bancorp by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock worth $4,094,000 after acquiring an additional 1,996 shares during the period. IFG Advisory LLC bought a new stake in shares of Washington Trust Bancorp during the 2nd quarter worth $211,000. Aptus Capital Advisors LLC raised its stake in shares of Washington Trust Bancorp by 24.8% during the 2nd quarter. Aptus Capital Advisors LLC now owns 89,804 shares of the financial services provider’s stock worth $2,462,000 after purchasing an additional 17,850 shares during the period. Rhumbline Advisers boosted its holdings in shares of Washington Trust Bancorp by 2.2% in the 2nd quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock worth $773,000 after buying an additional 618 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Washington Trust Bancorp by 5.9% during the second quarter. Victory Capital Management Inc. now owns 20,100 shares of the financial services provider’s stock valued at $551,000 after buying an additional 1,118 shares during the period. 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.