Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Upgraded by StockNews.com

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Thursday.

Separately, Seaport Res Ptn cut Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday, January 31st.

Washington Trust Bancorp Stock Performance

Washington Trust Bancorp stock traded down $0.48 during mid-day trading on Thursday, reaching $25.99. 110,310 shares of the stock traded hands, compared to its average volume of 90,879. The stock has a market capitalization of $442.61 million, a PE ratio of 9.59 and a beta of 0.81. The company has a debt-to-equity ratio of 2.57, a current ratio of 1.07 and a quick ratio of 1.07. The business’s 50-day moving average is $25.81 and its 200-day moving average is $27.21. Washington Trust Bancorp has a 12-month low of $21.69 and a 12-month high of $33.96.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.54 by $0.22. Washington Trust Bancorp had a net margin of 12.01% and a return on equity of 10.18%. The company had revenue of $45.96 million for the quarter, compared to the consensus estimate of $47.38 million. As a group, sell-side analysts predict that Washington Trust Bancorp will post 1.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently bought and sold shares of the business. FMR LLC grew its position in shares of Washington Trust Bancorp by 0.4% during the third quarter. FMR LLC now owns 1,314,538 shares of the financial services provider’s stock worth $34,612,000 after purchasing an additional 4,731 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Washington Trust Bancorp by 9.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 774,705 shares of the financial services provider’s stock valued at $25,086,000 after buying an additional 68,930 shares during the last quarter. Third Avenue Management LLC lifted its holdings in shares of Washington Trust Bancorp by 44.5% in the third quarter. Third Avenue Management LLC now owns 294,994 shares of the financial services provider’s stock worth $8,050,000 after buying an additional 90,842 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Washington Trust Bancorp by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 235,586 shares of the financial services provider’s stock worth $7,628,000 after acquiring an additional 16,378 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in Washington Trust Bancorp by 13.2% in the 3rd quarter. American Century Companies Inc. now owns 169,477 shares of the financial services provider’s stock valued at $4,462,000 after acquiring an additional 19,730 shares during the last quarter. Hedge funds and other institutional investors 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.