Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Upgraded by Wall Street Zen

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Sunday.

Several other analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Zacks Research downgraded shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Finally, Piper Sandler lifted their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Washington Trust Bancorp presently has an average rating of “Hold” and a consensus target price of $34.50.

Washington Trust Bancorp Stock Performance

Shares of WASH traded up $0.24 during mid-day trading on Friday, hitting $35.85. The stock had a trading volume of 133,947 shares, compared to its average volume of 191,109. The company has a market cap of $683.66 million, a PE ratio of 13.13, a PEG ratio of 0.87 and a beta of 0.72. The company’s fifty day simple moving average is $33.77 and its two-hundred day simple moving average is $33.17. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. Washington Trust Bancorp has a fifty-two week low of $25.23 and a fifty-two week high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.11). The firm had revenue of $57.83 million for the quarter, compared to analyst estimates of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. On average, equities analysts expect that Washington Trust Bancorp will post 3.07 earnings per share for the current year.

Insider Buying and Selling

In other Washington Trust Bancorp news, EVP Rolando A. Lora sold 885 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total value of $27,921.75. Following the sale, the executive vice president directly owned 11,292 shares in the company, valued at approximately $356,262.60. This trade represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP James Cannon Brown purchased 32,000 shares of Washington Trust Bancorp stock in a transaction dated Thursday, April 23rd. The shares were purchased at an average cost of $31.17 per share, with a total value of $997,440.00. Following the acquisition, the executive vice president owned 37,280 shares of the company’s stock, valued at approximately $1,162,017.60. This trade represents a 606.06% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 36,801 shares of company stock worth $1,147,293. 1.30% of the stock is owned by company insiders.

Institutional Trading of Washington Trust Bancorp

Several hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in Washington Trust Bancorp by 114.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 542 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after buying an additional 420 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after buying an additional 1,578 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after buying an additional 1,869 shares during the period. Finally, State of Wyoming acquired a new position in shares of Washington Trust Bancorp during the first quarter worth approximately $70,000. 65.81% of the stock is currently owned by institutional investors.

About Washington Trust Bancorp

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.