Washington Trust Bancorp (NASDAQ:WASH) Downgraded by Zacks Research to “Hold”

Zacks Research cut shares of Washington Trust Bancorp (NASDAQ:WASH) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Several other equities research analysts also recently commented on WASH. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Keefe, Bruyette & Woods boosted their price objective on Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 30th. Piper Sandler initiated coverage on Washington Trust Bancorp in a report on Monday, March 16th. They set a “neutral” rating and a $32.00 price target for the company. Finally, Wall Street Zen downgraded Washington Trust Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Five research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Washington Trust Bancorp currently has an average rating of “Hold” and a consensus target price of $31.33.

Washington Trust Bancorp Stock Up 1.4%

Shares of NASDAQ WASH traded up $0.50 during midday trading on Monday, hitting $35.00. 11,053 shares of the stock traded hands, compared to its average volume of 149,820. The company has a market cap of $666.30 million, a PE ratio of 12.96, a P/E/G ratio of 0.70 and a beta of 0.81. Washington Trust Bancorp has a one year low of $25.23 and a one year high of $37.08. The business has a 50 day moving average price of $34.08 and a two-hundred day moving average price of $30.70. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.75 by $0.08. The firm had revenue of $59.25 million during the quarter, compared to the consensus estimate of $56.38 million. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%. On average, equities analysts predict that Washington Trust Bancorp will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Wednesday, April 1st will be issued a dividend of $0.56 per share. The ex-dividend date is Wednesday, April 1st. This represents a $2.24 annualized dividend and a yield of 6.4%. Washington Trust Bancorp’s dividend payout ratio is 82.96%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors have recently bought and sold shares of WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Washington Trust Bancorp by 17.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock worth $350,000 after purchasing an additional 1,708 shares during the last quarter. Legal & General Group Plc boosted its position in Washington Trust Bancorp by 8.1% in the second quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock worth $546,000 after purchasing an additional 1,448 shares during the last quarter. Rhumbline Advisers boosted its position in Washington Trust Bancorp by 9.8% in the second quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider’s stock worth $847,000 after purchasing an additional 2,670 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Washington Trust Bancorp in the second quarter worth $642,000. Finally, Quantbot Technologies LP purchased a new position in Washington Trust Bancorp in the second quarter worth $409,000. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.