Washington Trust Bancorp (NASDAQ:WASH) Lifted to Hold at ValuEngine

ValuEngine upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a sell rating to a hold rating in a research note published on Wednesday morning, ValuEngine reports.

A number of other brokerages have also commented on WASH. Zacks Investment Research raised shares of Washington Trust Bancorp from a sell rating to a hold rating in a report on Saturday, September 28th. BidaskClub raised shares of Washington Trust Bancorp from a sell rating to a hold rating in a report on Tuesday, September 24th. Boenning Scattergood began coverage on shares of Washington Trust Bancorp in a research note on Wednesday, June 26th. They issued an outperform rating and a $55.00 target price on the stock. Finally, Compass Point set a $53.00 target price on shares of Washington Trust Bancorp and gave the company a buy rating in a research note on Thursday, September 12th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Washington Trust Bancorp presently has a consensus rating of Hold and a consensus price target of $54.33.

NASDAQ:WASH traded up $0.24 during mid-day trading on Wednesday, reaching $47.31. 22,273 shares of the company were exchanged, compared to its average volume of 31,873. Washington Trust Bancorp has a 12 month low of $45.21 and a 12 month high of $57.46. The company has a fifty day moving average of $47.76 and a 200 day moving average of $49.71. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 2.30. The stock has a market cap of $820.21 million, a PE ratio of 12.04 and a beta of 0.66.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.04). Washington Trust Bancorp had a return on equity of 15.12% and a net margin of 27.03%. The company had revenue of $50.61 million for the quarter, compared to the consensus estimate of $50.90 million. On average, equities research analysts anticipate that Washington Trust Bancorp will post 3.87 EPS for the current fiscal year.

The firm also recently announced a — dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be paid a $0.51 dividend. This represents a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 30th. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 51.91%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at about $37,000. SG Americas Securities LLC bought a new position in shares of Washington Trust Bancorp in the 1st quarter valued at about $129,000. Wedge Capital Management L L P NC bought a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at about $201,000. D. E. Shaw & Co. Inc. bought a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at about $204,000. Finally, RB Capital Management LLC bought a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at about $216,000. 58.99% of the stock is currently owned by 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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