Washington Trust Bancorp (NASDAQ:WASH) Raised to “Hold” at StockNews.com

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report released on Friday.

Separately, Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and raised their target price for the company from $30.00 to $34.00 in a research report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Up 3.2 %

Shares of NASDAQ WASH opened at $31.01 on Friday. Washington Trust Bancorp has a 52-week low of $24.11 and a 52-week high of $40.59. The firm has a market capitalization of $597.16 million, a price-to-earnings ratio of 11.61 and a beta of 0.81. The stock has a 50 day moving average price of $35.30 and a 200 day moving average price of $32.21. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.08. The business had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same period in the prior year, the business earned $0.65 EPS. Sell-side analysts expect that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Hedge Funds Weigh In On Washington Trust Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new stake in shares of Washington Trust Bancorp in the 3rd quarter valued at about $32,000. Barrett & Company Inc. lifted its position in Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 787 shares during the last quarter. CWM LLC boosted its stake in Washington Trust Bancorp by 60.5% in the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock valued at $163,000 after acquiring an additional 1,902 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in Washington Trust Bancorp in the third quarter worth $206,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Washington Trust Bancorp during the third quarter worth $209,000. Hedge funds and other institutional investors own 65.81% 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 provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.