Washington Trust Bancorp (NASDAQ:WASH) Downgraded by Wall Street Zen to Hold

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reiterated 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 stock a “market perform” rating in a research report on Friday, January 30th. Zacks Research upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 29th. Finally, Piper Sandler assumed coverage on Washington Trust Bancorp in a report on Monday, March 16th. They issued a “neutral” rating and a $32.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $31.33.

Washington Trust Bancorp Stock Down 0.3%

Shares of Washington Trust Bancorp stock opened at $32.13 on Friday. Washington Trust Bancorp has a 12-month low of $24.95 and a 12-month high of $37.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.19. The stock has a 50 day moving average price of $33.35 and a two-hundred day moving average price of $30.39. The stock has a market capitalization of $611.76 million, a P/E ratio of 11.90, a PEG ratio of 0.67 and a beta of 0.85.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.75%. The company had revenue of $59.25 million for the quarter, compared to analyst estimates of $56.38 million. Equities analysts expect that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Institutional Trading of Washington Trust Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. Foster Dykema Cabot & Partners LLC bought a new position in Washington Trust Bancorp in the third quarter worth $27,000. EverSource Wealth Advisors LLC increased its holdings 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 valued at $30,000 after buying an additional 542 shares during the period. Federated Hermes Inc. increased its holdings in Washington Trust Bancorp by 24.6% in the 2nd 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 period. Tower Research Capital LLC TRC raised its stake in shares of Washington Trust Bancorp by 200.8% in the 2nd 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 in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Washington Trust Bancorp by 367.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after acquiring an additional 1,869 shares during the period. 65.81% of the stock is currently owned by institutional investors.

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.