Washington Trust Bancorp (NASDAQ:WASH) Upgraded 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 upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $30.00 to $34.00 in a research report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Performance

Shares of WASH opened at $32.77 on Friday. Washington Trust Bancorp has a 52-week low of $24.11 and a 52-week high of $40.59. The company has a 50-day simple moving average of $33.25 and a 200-day simple moving average of $32.89. 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:WASH) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. On average, analysts predict that Washington Trust Bancorp will post 2.7 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.24 annualized dividend and a dividend yield of 6.84%. Washington Trust Bancorp’s dividend payout ratio is currently -144.52%.

Institutional Trading of Washington Trust Bancorp

Large investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB purchased a new position in Washington Trust Bancorp in the 3rd quarter valued at about $32,000. Hantz Financial Services Inc. raised its position in shares of Washington Trust Bancorp by 15,152.6% in the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider’s stock valued at $91,000 after buying an additional 2,879 shares during the last quarter. Barrett & Company Inc. lifted its stake in shares of Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after buying an additional 787 shares during the period. CWM LLC lifted its stake 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 valued at $163,000 after buying an additional 1,902 shares during the period. Finally, Sanders Morris Harris LLC acquired a new stake in Washington Trust Bancorp during the third quarter worth approximately $206,000. Institutional investors and hedge funds 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.