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

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Saturday.

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

NASDAQ:WASH opened at $49.02 on Friday. The firm has a market capitalization of $849.16 million, a price-to-earnings ratio of 13.02 and a beta of 0.62. The company has a debt-to-equity ratio of 1.99, a current ratio of 1.06 and a quick ratio of 1.06. Washington Trust Bancorp has a 1 year low of $47.79 and a 1 year high of $63.25.

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

In other news, Director Katherine W. Hoxsie sold 1,500 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $59.02, for a total value of $88,530.00. Following the completion of the transaction, the director now owns 25,422 shares in the company, valued at $1,500,406.44. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director H Douglas Randall III sold 1,000 shares of the firm’s stock in a transaction on Tuesday, November 6th. The shares were sold at an average price of $51.93, for a total value of $51,930.00. Following the completion of the transaction, the director now owns 22,248 shares of the company’s stock, valued at approximately $1,155,338.64. The disclosure for this sale can be found here. Company insiders own 2.33% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC increased its position in Washington Trust Bancorp by 1,740.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,553 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 3,360 shares in the last quarter. Lehman Financial Resources Inc. purchased a new stake in Washington Trust Bancorp during the 3rd quarter worth about $221,000. First Hawaiian Bank purchased a new stake in Washington Trust Bancorp during the 3rd quarter worth about $257,000. Dynamic Technology Lab Private Ltd purchased a new stake in Washington Trust Bancorp during the 2nd quarter worth about $319,000. Finally, Columbia Asset Management purchased a new stake in Washington Trust Bancorp during the 3rd quarter worth about $426,000. Hedge funds and other institutional investors own 58.27% 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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