Washington Trust Bancorp (WASH) Downgraded by BidaskClub to “Strong Sell”

BidaskClub lowered shares of Washington Trust Bancorp (NASDAQ:WASH) from a sell rating to a strong sell rating in a research report sent to investors on Tuesday.

Separately, Sandler O’Neill raised Washington Trust Bancorp from a hold rating to a buy rating and set a $63.00 target price on the stock in a research report on Thursday, October 4th.

Shares of Washington Trust Bancorp stock opened at $51.90 on Tuesday. The firm has a market cap of $903.64 million, a PE ratio of 13.86 and a beta of 0.66. The company has a current ratio of 1.06, a quick ratio of 1.08 and a debt-to-equity ratio of 1.99. Washington Trust Bancorp has a 12-month low of $50.00 and a 12-month high of $63.25.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, October 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.03. The company had revenue of $48.66 million for the quarter. Washington Trust Bancorp had a return on equity of 15.64% and a net margin of 25.69%.

The business also recently announced a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Monday, October 1st were given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend was Friday, September 28th.

In other news, Director Katherine W. Hoxsie sold 1,500 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $59.02, for a total transaction of $88,530.00. Following the sale, the director now directly owns 25,422 shares of the company’s stock, valued at $1,500,406.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John F. Treanor sold 8,000 shares of the business’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $59.18, for a total value of $473,440.00. Following the sale, the director now directly owns 10,855 shares in the company, valued at $642,398.90. The disclosure for this sale can be found here. Insiders have sold 15,500 shares of company stock worth $911,140 over the last ninety days. 2.33% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in Washington Trust Bancorp by 4.4% during the second quarter. BlackRock Inc. now owns 1,098,196 shares of the financial services provider’s stock valued at $63,805,000 after buying an additional 45,951 shares during the period. Systematic Financial Management LP raised its position in Washington Trust Bancorp by 17.6% during the second quarter. Systematic Financial Management LP now owns 178,828 shares of the financial services provider’s stock valued at $10,390,000 after buying an additional 26,813 shares during the period. Renaissance Technologies LLC raised its position in Washington Trust Bancorp by 6.0% during the second quarter. Renaissance Technologies LLC now owns 451,700 shares of the financial services provider’s stock valued at $26,244,000 after buying an additional 25,600 shares during the period. JPMorgan Chase & Co. raised its position in Washington Trust Bancorp by 9.3% during the third quarter. JPMorgan Chase & Co. now owns 282,783 shares of the financial services provider’s stock valued at $15,637,000 after buying an additional 24,151 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Washington Trust Bancorp by 2.9% during the second quarter. Dimensional Fund Advisors LP now owns 725,376 shares of the financial services provider’s stock valued at $42,145,000 after buying an additional 20,268 shares during the period. 57.66% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Company Profile

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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