Washington Trust Bancorp (NASDAQ:WASH) Rating Lowered to Sell at StockNews.com

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

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

Washington Trust Bancorp Trading Down 3.5 %

NASDAQ WASH opened at $29.58 on Friday. The firm’s fifty day moving average is $34.87 and its two-hundred day moving average is $32.37. Washington Trust Bancorp has a one year low of $24.11 and a one 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 firm has a market cap of $569.62 million, a PE ratio of 11.08 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly 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. 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 analysts’ expectations of $47.32 million. During the same quarter in the previous year, the firm posted $0.65 EPS. Analysts expect that Washington Trust Bancorp will post 2.49 earnings per share for the current 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 paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.57%. The ex-dividend date is Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio (DPR) is 83.90%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of WASH. Zacks Investment Management purchased a new stake in shares of Washington Trust Bancorp during the 3rd quarter worth $1,258,000. Barclays PLC boosted its holdings in Washington Trust Bancorp by 44.9% during the third quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock worth $1,717,000 after buying an additional 16,511 shares in the last quarter. Aptus Capital Advisors LLC grew its position in Washington Trust Bancorp by 15.6% during the third quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock worth $3,344,000 after buying an additional 14,028 shares during the period. Jane Street Group LLC increased its holdings in Washington Trust Bancorp by 95.6% in the third quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock valued at $1,180,000 after buying an additional 17,906 shares in the last quarter. Finally, Inspire Advisors LLC purchased a new position in Washington Trust Bancorp in the second quarter valued at about $1,529,000. Institutional investors and hedge funds 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.