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

Washington Trust Bancorp (NASDAQ:WASHGet Free Report) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

Separately, Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and raised their target price for the company from $30.00 to $34.00 in a research note on Tuesday, October 22nd.

View Our Latest Report on WASH

Washington Trust Bancorp Stock Performance

Shares of NASDAQ WASH opened at $32.23 on Friday. Washington Trust Bancorp has a 12-month low of $24.11 and a 12-month high of $40.59. The company has a market cap of $620.75 million, a PE ratio of 12.07 and a beta of 0.81. The stock has a 50 day simple moving average of $33.34 and a 200-day simple moving average of $32.87. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63.

Washington Trust Bancorp (NASDAQ:WASHGet Free Report) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. On average, equities research analysts forecast that Washington Trust Bancorp will post 2.49 EPS for the current year.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in Washington Trust Bancorp by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock worth $22,642,000 after purchasing an additional 59,115 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Washington Trust Bancorp by 12.3% in the second quarter. AQR Capital Management LLC now owns 136,141 shares of the financial services provider’s stock worth $3,732,000 after acquiring an additional 14,910 shares in the last quarter. Aptus Capital Advisors LLC increased its position in shares of Washington Trust Bancorp by 15.6% in the third quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock worth $3,344,000 after acquiring an additional 14,028 shares in the last quarter. State of New Jersey Common Pension Fund D raised its holdings in shares of Washington Trust Bancorp by 0.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock valued at $2,375,000 after acquiring an additional 472 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Washington Trust Bancorp by 60.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock valued at $2,150,000 after acquiring an additional 25,029 shares in the last quarter. 65.81% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

(Get Free Report)

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.

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