Washington Trust Bancorp (NASDAQ:WASH) Downgraded to Neutral Rating by Seaport Research Partners

Seaport Research Partners lowered shares of Washington Trust Bancorp (NASDAQ:WASH) from a buy rating to a neutral rating in a report released on Wednesday, Marketbeat.com reports.

A number of other brokerages have also recently issued reports on WASH. Zacks Research cut shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Piper Sandler lifted their target price on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings raised shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Finally, Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $35.50.

Washington Trust Bancorp Stock Down 2.2%

Shares of WASH opened at $38.41 on Wednesday. The firm has a market cap of $732.48 million, a P/E ratio of 13.34, a P/E/G ratio of 0.95 and a beta of 0.72. The stock has a 50 day simple moving average of $34.61 and a two-hundred day simple moving average of $33.59. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.99 and a quick ratio of 0.98. Washington Trust Bancorp has a 1 year low of $25.23 and a 1 year high of $39.85.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. The business had revenue of $60.47 million for the quarter, compared to analysts’ expectations of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. On average, analysts forecast that Washington Trust Bancorp will post 3.07 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 5.8%. The ex-dividend date of this dividend was Wednesday, July 1st. Washington Trust Bancorp’s payout ratio is presently 82.05%.

Insider Activity at Washington Trust Bancorp

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 shares were sold at an average price of $31.55, for a total value of $27,921.75. Following the sale, the executive vice president owned 11,292 shares of the company’s stock, valued at $356,262.60. This trade represents a 7.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Ronald S. Ohsberg acquired 1,606 shares of the firm’s stock in a transaction on Friday, April 24th. The stock was purchased at an average price of $31.00 per share, for a total transaction of $49,786.00. Following the transaction, the chief financial officer directly owned 29,705 shares of the company’s stock, valued at approximately $920,855. This trade represents a 5.72% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

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.