Washington Trust Bancorp (NASDAQ:WASH) Upgraded by Piper Sandler to “Neutral”

Piper Sandler upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from an underweight rating to a neutral rating in a research report sent to investors on Tuesday morning, Marketbeat reports. They currently have $34.00 price target on the financial services provider’s stock, up from their prior price target of $30.00.

Washington Trust Bancorp Stock Performance

WASH stock opened at $34.22 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 3.34. The company has a market capitalization of $583.59 million, a price-to-earnings ratio of 12.63 and a beta of 0.79. Washington Trust Bancorp has a 12 month low of $21.69 and a 12 month high of $36.09. The firm has a 50 day moving average of $32.09 and a two-hundred day moving average of $28.93.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.56 by $0.08. The company had revenue of $103.86 million during the quarter, compared to the consensus estimate of $47.32 million. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.71%. During the same period in the previous year, the firm posted $0.65 earnings per share. As a group, equities analysts anticipate that Washington Trust Bancorp will post 2.42 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 6.55%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is 82.66%.

Institutional Trading of Washington Trust Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. Barrett & Company Inc. lifted its stake in shares of Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after buying an additional 787 shares during the last quarter. Brown Lisle Cummings Inc. lifted its stake in shares of Washington Trust Bancorp by 14.0% in the third quarter. Brown Lisle Cummings Inc. now owns 27,381 shares of the financial services provider’s stock worth $882,000 after buying an additional 3,362 shares during the last quarter. Inspire Advisors LLC lifted its stake in shares of Washington Trust Bancorp by 1.3% in the third quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock worth $1,820,000 after buying an additional 733 shares during the last quarter. Creative Planning lifted its stake in shares of Washington Trust Bancorp by 27.3% in the third quarter. Creative Planning now owns 64,032 shares of the financial services provider’s stock worth $2,062,000 after buying an additional 13,726 shares during the last quarter. Finally, Sanders Morris Harris LLC acquired a new stake in shares of Washington Trust Bancorp in the third quarter worth $206,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

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.