Washington Trust Bancorp (NASDAQ:WASH) Cut to Sell at BidaskClub

BidaskClub downgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a sell rating in a research note issued to investors on Thursday morning, BidAskClub reports.

Other analysts have also recently issued reports about the stock. Compass Point cut shares of Bank of Hawaii from a buy rating to a neutral rating and reduced their target price for the company from $83.00 to $82.00 in a research note on Monday, April 22nd. Boenning Scattergood began coverage on shares of Washington Trust Bancorp in a research note on Wednesday, June 26th. They issued an outperform rating and a $55.00 target price for the company. Finally, ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $54.33.

NASDAQ WASH opened at $52.32 on Thursday. The company has a debt-to-equity ratio of 2.36, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market capitalization of $896.73 million, a PE ratio of 13.31 and a beta of 0.67. The company has a 50 day simple moving average of $50.89. Washington Trust Bancorp has a 12-month low of $45.93 and a 12-month high of $62.45.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, April 22nd. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.05. The firm had revenue of $49.95 million during the quarter. Washington Trust Bancorp had a net margin of 28.08% and a return on equity of 15.75%. On average, analysts expect that Washington Trust Bancorp will post 4.15 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Monday, July 1st were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date of this dividend was Friday, June 28th. Washington Trust Bancorp’s payout ratio is 51.91%.

In other news, Director Edwin J. Santos sold 600 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.95, for a total value of $31,770.00. Following the completion of the sale, the director now directly owns 4,650 shares in the company, valued at $246,217.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John T. Ruggieri acquired 500 shares of Washington Trust Bancorp stock in a transaction dated Tuesday, May 7th. The stock was purchased at an average price of $53.00 per share, with a total value of $26,500.00. Following the completion of the purchase, the director now directly owns 1,090 shares of the company’s stock, valued at approximately $57,770. The disclosure for this purchase can be found here. 2.18% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the company. Rhumbline Advisers boosted its holdings in Washington Trust Bancorp by 29.3% in the 4th quarter. Rhumbline Advisers now owns 21,526 shares of the financial services provider’s stock worth $1,023,000 after buying an additional 4,879 shares during the last quarter. Prudential Financial Inc. lifted its stake in Washington Trust Bancorp by 2.4% in the 4th quarter. Prudential Financial Inc. now owns 30,476 shares of the financial services provider’s stock worth $1,448,000 after purchasing an additional 706 shares in the last quarter. BlackRock Inc. lifted its stake in Washington Trust Bancorp by 1.2% in the 4th quarter. BlackRock Inc. now owns 1,132,563 shares of the financial services provider’s stock worth $53,831,000 after purchasing an additional 13,787 shares in the last quarter. Citigroup Inc. lifted its stake in Washington Trust Bancorp by 8.4% in the 4th quarter. Citigroup Inc. now owns 6,457 shares of the financial services provider’s stock worth $307,000 after purchasing an additional 503 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Washington Trust Bancorp by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 731,147 shares of the financial services provider’s stock worth $34,752,000 after purchasing an additional 6,739 shares in the last quarter. Institutional investors and hedge funds own 58.23% 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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