Washington Trust Bancorp (NASDAQ:WASH) Lowered to Sell at BidaskClub

BidaskClub downgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a research note published on Thursday, BidAskClub reports.

Other equities research analysts have also recently issued reports about the company. Boenning Scattergood initiated coverage on Washington Trust Bancorp in a report on Wednesday, June 26th. They issued an outperform rating and a $55.00 target price for the company. ValuEngine cut Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Finally, Compass Point cut Bank of Hawaii from a buy rating to a neutral rating and lowered their target price for the stock from $83.00 to $82.00 in a report on Monday, April 22nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $54.33.

WASH traded up $0.57 during trading hours on Thursday, reaching $52.33. 7,408 shares of the company’s stock traded hands, compared to its average volume of 33,696. The company’s 50-day moving average price is $50.85. Washington Trust Bancorp has a 52-week low of $45.93 and a 52-week high of $62.45. The company has a debt-to-equity ratio of 2.36, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $894.47 million, a price-to-earnings ratio of 13.32 and a beta of 0.67.



Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.05. Washington Trust Bancorp had a return on equity of 15.75% and a net margin of 28.08%. The company had revenue of $49.95 million during the quarter. Sell-side analysts forecast that Washington Trust Bancorp will post 4.15 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Monday, July 1st will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Friday, June 28th. Washington Trust Bancorp’s dividend payout ratio is 51.91%.

In other news, Director Edwin J. Santos sold 600 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.95, for a total value of $31,770.00. Following the completion of the transaction, the director now directly owns 4,650 shares of the company’s stock, valued at approximately $246,217.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John T. Ruggieri purchased 500 shares of Washington Trust Bancorp stock in a transaction dated Tuesday, May 7th. The stock was bought at an average cost of $53.00 per share, with a total value of $26,500.00. Following the completion of the transaction, the director now owns 1,090 shares in the company, valued at approximately $57,770. The disclosure for this purchase can be found here. 2.18% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in shares of Washington Trust Bancorp in the 1st quarter worth $129,000. BNP Paribas Arbitrage SA increased its position in Washington Trust Bancorp by 206.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,143 shares of the financial services provider’s stock valued at $151,000 after buying an additional 2,116 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in Washington Trust Bancorp by 392.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,219 shares of the financial services provider’s stock valued at $248,000 after buying an additional 4,159 shares in the last quarter. Citigroup Inc. increased its position in Washington Trust Bancorp by 8.4% during the 4th quarter. Citigroup Inc. now owns 6,457 shares of the financial services provider’s stock valued at $307,000 after buying an additional 503 shares in the last quarter. Finally, Legal & General Group Plc increased its position in Washington Trust Bancorp by 3.5% during the 4th quarter. Legal & General Group Plc now owns 6,640 shares of the financial services provider’s stock valued at $316,000 after buying an additional 226 shares in the last quarter. 58.23% of the stock is owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.

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