Washington Trust Bancorp (WASH) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a buy rating in a report released on Thursday morning.

Washington Trust Bancorp stock traded down $0.05 during mid-day trading on Thursday, reaching $61.80. 262 shares of the company traded hands, compared to its average volume of 36,329. The company has a current ratio of 1.07, a quick ratio of 1.06 and a debt-to-equity ratio of 2.01. The company has a market cap of $1.07 billion, a P/E ratio of 18.99 and a beta of 0.74. Washington Trust Bancorp has a 52-week low of $48.60 and a 52-week high of $63.25.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Friday, April 20th. The financial services provider reported $0.93 earnings per share for the quarter. The firm had revenue of $47.60 million for the quarter. Washington Trust Bancorp had a net margin of 22.82% and a return on equity of 13.72%.

In other news, Director Victor J. Orsinger II sold 1,000 shares of the company’s stock in a transaction dated Tuesday, May 29th. The shares were sold at an average price of $59.95, for a total value of $59,950.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kristen L. Disanto sold 2,500 shares of the company’s stock in a transaction dated Monday, May 21st. The stock was sold at an average price of $58.50, for a total transaction of $146,250.00. The disclosure for this sale can be found here. Insiders sold a total of 4,630 shares of company stock worth $270,800 over the last ninety days. Insiders own 2.33% of the company’s stock.

A number of institutional investors have recently made changes to their positions in WASH. The Manufacturers Life Insurance Company boosted its stake in Washington Trust Bancorp by 12.2% in the 1st quarter. The Manufacturers Life Insurance Company now owns 499,614 shares of the financial services provider’s stock worth $26,855,000 after purchasing an additional 54,243 shares in the last quarter. Millennium Management LLC boosted its stake in Washington Trust Bancorp by 729.8% in the 4th quarter. Millennium Management LLC now owns 56,482 shares of the financial services provider’s stock worth $3,008,000 after purchasing an additional 49,675 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Washington Trust Bancorp by 14.7% in the 1st quarter. JPMorgan Chase & Co. now owns 269,935 shares of the financial services provider’s stock worth $14,509,000 after purchasing an additional 34,682 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Washington Trust Bancorp by 61.9% in the 1st quarter. Victory Capital Management Inc. now owns 46,031 shares of the financial services provider’s stock worth $2,474,000 after purchasing an additional 17,599 shares in the last quarter. Finally, Private Capital Group LLC boosted its stake in Washington Trust Bancorp by 7,666.1% in the 1st quarter. Private Capital Group LLC now owns 17,629 shares of the financial services provider’s stock worth $955,000 after purchasing an additional 17,402 shares in the last quarter. Institutional investors own 55.28% 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.

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