Washington Trust Bancorp (NASDAQ:WASH) Rating Increased to Hold at StockNews.com

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

Separately, Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted 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 opened at $31.01 on Friday. The company has a market capitalization of $597.16 million, a price-to-earnings ratio of 11.61 and a beta of 0.79. The company has a 50-day moving average of $35.30 and a 200-day moving average of $32.16. Washington Trust Bancorp has a 52 week low of $24.11 and a 52 week 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.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $103.86 million for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned $0.65 earnings per share. As a group, equities research analysts anticipate that Washington Trust Bancorp will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.22%. The ex-dividend date of this dividend is Thursday, January 2nd. Washington Trust Bancorp’s payout ratio is currently 83.90%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Washington Trust Bancorp in the third quarter valued at $32,000. Barrett & Company Inc. raised its stake in shares of Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 787 shares during the last quarter. CWM LLC lifted its position in shares of 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 purchasing an additional 1,902 shares in the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Washington Trust Bancorp during the third quarter valued at approximately $206,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Washington Trust Bancorp in the third quarter valued at approximately $209,000. 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.