Washington Trust Bancorp (NASDAQ:WASH) Cut to “Sell” at BidaskClub

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Tuesday, BidAskClub reports.

A number of other research firms have also issued reports on WASH. ValuEngine raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Boenning Scattergood lowered shares of Washington Trust Bancorp from an “outperform” rating to a “neutral” rating in a research note on Tuesday, October 22nd. Zacks Investment Research lowered shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research note on Saturday, October 26th. Finally, Compass Point lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating and set a $53.00 target price for the company. in a research note on Monday, December 9th. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. Washington Trust Bancorp has a consensus rating of “Hold” and an average price target of $54.33.

Washington Trust Bancorp stock traded up $0.56 during midday trading on Tuesday, reaching $52.29. 330 shares of the stock traded hands, compared to its average volume of 43,135. The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 2.03. The firm has a fifty day moving average price of $53.07 and a two-hundred day moving average price of $50.40. The firm has a market cap of $903.93 million, a price-to-earnings ratio of 13.31 and a beta of 0.68. Washington Trust Bancorp has a fifty-two week low of $45.21 and a fifty-two week high of $54.96.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 21st. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.12. The firm had revenue of $51.32 million during the quarter, compared to analyst estimates of $50.50 million. Washington Trust Bancorp had a net margin of 26.76% and a return on equity of 14.84%. Analysts anticipate that Washington Trust Bancorp will post 4.02 earnings per share for the current year.

In other Washington Trust Bancorp news, Director Katherine W. Hoxsie sold 2,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $52.55, for a total transaction of $105,100.00. Following the sale, the director now directly owns 26,012 shares in the company, valued at approximately $1,366,930.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.18% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the business. New England Professional Planning Group Inc. bought a new stake in shares of Washington Trust Bancorp during the 4th quarter worth about $638,000. Coastline Trust Co lifted its stake in Washington Trust Bancorp by 38.2% during the fourth quarter. Coastline Trust Co now owns 27,300 shares of the financial services provider’s stock valued at $1,468,000 after purchasing an additional 7,550 shares during the last quarter. Endurance Wealth Management Inc. boosted its holdings in Washington Trust Bancorp by 6.3% during the fourth quarter. Endurance Wealth Management Inc. now owns 100,480 shares of the financial services provider’s stock worth $5,405,000 after buying an additional 5,980 shares in the last quarter. Boston Trust Walden Corp boosted its holdings in Washington Trust Bancorp by 0.8% during the fourth quarter. Boston Trust Walden Corp now owns 221,002 shares of the financial services provider’s stock worth $11,888,000 after buying an additional 1,685 shares in the last quarter. Finally, Resources Management Corp CT ADV acquired a new position in Washington Trust Bancorp in the third quarter worth approximately $773,000. Institutional investors own 58.40% of the company’s stock.

About Washington Trust Bancorp

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.

Further Reading: Balance Sheet

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