Washington Trust Bancorp (NASDAQ:WASH) Upgraded at Zacks Research

Zacks Research upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a strong sell rating to a hold rating in a research note released on Thursday morning,Zacks.com reports.

Other analysts have also recently issued research reports about the company. Piper Sandler lifted their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods raised their price objective on Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research note on Wednesday. Seaport Research Partners downgraded Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday. Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.50.

Washington Trust Bancorp Trading Up 2.0%

NASDAQ:WASH opened at $38.39 on Thursday. The company has a market capitalization of $732.10 million, a P/E ratio of 13.33, a PEG ratio of 0.90 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09. Washington Trust Bancorp has a 12 month low of $25.23 and a 12 month high of $39.85. The firm has a fifty day simple moving average of $34.88 and a 200-day simple moving average of $33.68.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%.The firm had revenue of $60.47 million for the quarter, compared to the consensus estimate of $59.91 million. On average, equities research analysts anticipate that Washington Trust Bancorp will post 3.15 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were paid a dividend of $0.56 per share. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.8%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 77.78%.

Insider Activity

In related news, EVP Rolando A. Lora sold 885 shares of Washington Trust Bancorp stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total transaction of $27,921.75. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Edward O. Handy III purchased 3,195 shares of Washington Trust Bancorp stock in a transaction that occurred on Monday, April 27th. The shares were bought at an average price of $31.32 per share, with a total value of $100,067.40. Following the completion of the transaction, the chief executive officer owned 51,442 shares of the company’s stock, valued at $1,611,163.44. This represents a 6.62% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Washington Trust Bancorp

Several large investors have recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. raised its position in shares of Washington Trust Bancorp by 8.8% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 9,168 shares of the financial services provider’s stock worth $334,000 after acquiring an additional 740 shares during the period. Rockland Trust Co. grew its position in shares of Washington Trust Bancorp by 3.0% during the 2nd quarter. Rockland Trust Co. now owns 26,527 shares of the financial services provider’s stock valued at $968,000 after acquiring an additional 770 shares during the period. Bank of America Corp DE increased its stake in shares of Washington Trust Bancorp by 35.5% in the 1st quarter. Bank of America Corp DE now owns 103,355 shares of the financial services provider’s stock valued at $3,458,000 after purchasing an additional 27,080 shares in the last quarter. Amundi purchased a new position in shares of Washington Trust Bancorp in the 1st quarter valued at about $204,000. Finally, Empowered Funds LLC raised its holdings in Washington Trust Bancorp by 556.6% in the 1st quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider’s stock worth $2,225,000 after purchasing an additional 57,329 shares during the period. 65.81% of the stock is currently owned by institutional investors and hedge funds.

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.