Washington Trust Bancorp (NASDAQ:WASH) Raised to “Strong-Buy” at Seaport Res Ptn

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by research analysts at Seaport Res Ptn from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday,Zacks.com reports.

Separately, StockNews.com upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st.

Washington Trust Bancorp Trading Up 4.8 %

WASH opened at $30.85 on Friday. 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 one year low of $24.11 and a one year high of $40.59. The company has a market cap of $594.66 million, a P/E ratio of -19.90 and a beta of 0.80. The business’s 50-day simple moving average is $31.79 and its 200-day simple moving average is $33.16.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. As a group, equities research analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zacks Investment Management acquired a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at $1,258,000. Barclays PLC grew its position in Washington Trust Bancorp by 44.9% during the 3rd quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock worth $1,717,000 after purchasing an additional 16,511 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Washington Trust Bancorp in the fourth quarter valued at $1,955,000. Jane Street Group LLC raised its holdings in shares of 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 during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Washington Trust Bancorp by 60.0% during the third quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock worth $2,150,000 after buying an additional 25,029 shares during the period. Hedge funds and other institutional investors own 65.81% of the company’s stock.

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.