Washington Trust Bancorp (NASDAQ:WASH) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a research note published on Thursday morning.

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

Washington Trust Bancorp Stock Down 2.2 %

Shares of NASDAQ WASH opened at $30.76 on Thursday. The firm’s 50 day moving average price is $35.62 and its 200 day moving average price is $31.97. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $592.35 million, a P/E ratio of 11.52 and a beta of 0.79. Washington Trust Bancorp has a 1 year low of $24.11 and a 1 year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. The business had revenue of $103.86 million for 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 quarter last year, the firm earned $0.65 earnings per share. As a group, sell-side analysts anticipate that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be paid a dividend of $0.56 per share. The ex-dividend date is Thursday, January 2nd. This represents a $2.24 annualized dividend and a dividend yield of 7.28%. Washington Trust Bancorp’s dividend payout ratio is presently 83.90%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in Washington Trust Bancorp during the third quarter worth about $32,000. Barrett & Company Inc. increased its position in Washington Trust Bancorp by 20.1% during the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 787 shares in the last quarter. CWM LLC raised its holdings 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 buying an additional 1,902 shares during the period. Sanders Morris Harris LLC acquired a new position in Washington Trust Bancorp during the third quarter valued at approximately $206,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Washington Trust Bancorp during the third quarter worth approximately $209,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

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.