Washington Trust Bancorp (NASDAQ:WASH) Upgraded by Piper Sandler to “Neutral”

Piper Sandler upgraded shares of Washington Trust Bancorp (NASDAQ:WASH – Get Rating) from an underweight rating to a neutral rating in a research note released on Monday morning, The Fly reports.

WASH has been the topic of several other research reports. StockNews.com began coverage on Washington Trust Bancorp in a research note on Thursday, March 16th. They issued a sell rating on the stock. TheStreet lowered Washington Trust Bancorp from a b- rating to a c+ rating in a research note on Monday, April 24th.

Washington Trust Bancorp Price Performance

WASH stock opened at $23.10 on Monday. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.01 and a quick ratio of 1.01. Washington Trust Bancorp has a 1 year low of $22.26 and a 1 year high of $55.93. The firm has a market capitalization of $393.14 million, a P/E ratio of 5.91 and a beta of 0.71. The business’s 50-day moving average is $32.04 and its two-hundred day moving average is $41.44.

Washington Trust Bancorp (NASDAQ:WASH – Get Rating) last announced its earnings results on Monday, April 24th. The financial services provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.16). The company had revenue of $82.05 million during the quarter, compared to analysts’ expectations of $54.10 million. Washington Trust Bancorp had a net margin of 23.96% and a return on equity of 14.87%. During the same quarter last year, the business posted $0.94 earnings per share. Analysts anticipate that Washington Trust Bancorp will post 2.41 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 13th. Shareholders of record on Monday, April 3rd were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 9.70%. The ex-dividend date of this dividend was Friday, March 31st. Washington Trust Bancorp’s dividend payout ratio is presently 57.29%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors have recently added to or reduced their stakes in WASH. BlackRock Inc. increased its stake in shares of Washington Trust Bancorp by 24.1% during the 1st quarter. BlackRock Inc. now owns 1,968,441 shares of the financial services provider’s stock worth $68,226,000 after purchasing an additional 382,778 shares during the last quarter. Norges Bank bought a new position in shares of Washington Trust Bancorp during the fourth quarter worth approximately $5,243,000. Millennium Management LLC increased its holdings in shares of Washington Trust Bancorp by 187.4% during the fourth quarter. Millennium Management LLC now owns 130,251 shares of the financial services provider’s stock worth $6,145,000 after purchasing an additional 84,925 shares during the period. State Street Corp increased its stake in Washington Trust Bancorp by 15.0% in the first quarter. State Street Corp now owns 515,243 shares of the financial services provider’s stock valued at $27,326,000 after acquiring an additional 67,339 shares during the last quarter. Finally, Resources Management Corp CT ADV increased its stake in Washington Trust Bancorp by 311.7% in the first quarter. Resources Management Corp CT ADV now owns 72,256 shares of the financial services provider’s stock valued at $20,204,000 after acquiring an additional 54,706 shares during the last quarter. 71.23% of the stock is owned by institutional investors.

Washington Trust Bancorp Company Profile

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Washington Trust Bancorp, Inc operates as a bank holding company. The firm engages in the provision of financial services, including business banking, personal banking and wealth management and trust services. It operates through the following segments: Commercial Banking and Wealth Management Services.