Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Lowered by BidaskClub

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Friday, BidAskClub reports.

A number of other research analysts have also issued reports on WASH. Boenning Scattergood lowered Washington Trust Bancorp from an “outperform” rating to a “neutral” rating in a report on Tuesday, October 22nd. Compass Point lowered Washington Trust Bancorp from a “buy” rating to a “neutral” rating and set a $53.00 target price on the stock. in a report on Monday, December 9th. ValuEngine raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Zacks Investment Research lowered Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a report on Saturday, October 26th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $54.33.

NASDAQ:WASH opened at $51.77 on Friday. The business’s 50-day moving average price is $53.04 and its 200 day moving average price is $50.40. The firm has a market cap of $889.71 million, a P/E ratio of 12.78 and a beta of 0.68. Washington Trust Bancorp has a 52-week low of $45.21 and a 52-week high of $54.96. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.03.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, October 21st. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.12. The firm had revenue of $51.32 million for the quarter, compared to analyst estimates of $50.50 million. Washington Trust Bancorp had a return on equity of 14.84% and a net margin of 26.76%. Sell-side analysts expect that Washington Trust Bancorp will post 4.02 EPS for the current year.

In related news, Director Katherine W. Hoxsie sold 2,000 shares of Washington Trust Bancorp stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $52.55, for a total value of $105,100.00. Following the transaction, the director now owns 26,012 shares of the company’s stock, valued at approximately $1,366,930.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.18% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of WASH. Russell Investments Group Ltd. purchased a new position in Washington Trust Bancorp in the 2nd quarter worth about $37,000. Charles Schwab Investment Management Inc. increased its stake in Washington Trust Bancorp by 1.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 87,189 shares of the financial services provider’s stock worth $4,550,000 after purchasing an additional 1,436 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Washington Trust Bancorp by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 120,133 shares of the financial services provider’s stock worth $6,269,000 after purchasing an additional 1,704 shares in the last quarter. Northern Trust Corp increased its stake in Washington Trust Bancorp by 2.0% in the 2nd quarter. Northern Trust Corp now owns 201,932 shares of the financial services provider’s stock worth $10,537,000 after purchasing an additional 3,964 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in Washington Trust Bancorp by 0.8% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 33,640 shares of the financial services provider’s stock worth $1,755,000 after purchasing an additional 274 shares in the last quarter. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate 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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