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

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

Separately, Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their target price for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Trading Up 1.7 %

NASDAQ WASH opened at $32.77 on Friday. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The business’s fifty day moving average is $33.25 and its 200-day moving average is $32.91. The stock has a market capitalization of $631.15 million, a price-to-earnings ratio of -21.14 and a beta of 0.81. Washington Trust Bancorp has a one year low of $24.11 and a one year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. Equities research analysts predict that Washington Trust Bancorp will post 2.7 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in WASH. State of New Jersey Common Pension Fund D grew its stake in Washington Trust Bancorp by 0.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock worth $2,375,000 after purchasing an additional 472 shares during the period. Kestra Private Wealth Services LLC grew its position in shares of Washington Trust Bancorp by 1.5% in the 4th quarter. Kestra Private Wealth Services LLC now owns 36,015 shares of the financial services provider’s stock worth $1,129,000 after buying an additional 544 shares during the period. SG Americas Securities LLC grew its position in shares of Washington Trust Bancorp by 5.9% in the 4th quarter. SG Americas Securities LLC now owns 12,229 shares of the financial services provider’s stock worth $383,000 after buying an additional 682 shares during the period. Essex Financial Services Inc. increased its stake in shares of Washington Trust Bancorp by 10.9% in the 4th quarter. Essex Financial Services Inc. now owns 7,366 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 726 shares in the last quarter. Finally, Inspire Advisors LLC lifted its position in Washington Trust Bancorp by 1.3% during the 3rd quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock valued at $1,820,000 after acquiring an additional 733 shares during the period. Hedge funds and other institutional investors own 65.81% 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 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.