Washington Trust Bancorp (NASDAQ:WASH) Upgraded at StockNews.com

StockNews.com upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a sell rating to a hold rating in a research note issued to investors on Friday.

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

Washington Trust Bancorp Trading Up 3.2 %

NASDAQ:WASH opened at $31.01 on Friday. Washington Trust Bancorp has a 52 week low of $24.11 and a 52 week high of $40.59. The firm’s fifty day moving average is $35.30 and its 200-day moving average is $32.25. The firm has a market cap of $597.16 million, a P/E ratio of 11.61 and a beta of 0.81. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. The firm had revenue of $103.86 million during the quarter, compared to the consensus estimate of $47.32 million. During the same period last year, the business posted $0.65 EPS. Equities analysts expect that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a yield of 7.22%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in WASH. Zacks Investment Management purchased a new stake in shares of Washington Trust Bancorp in the third quarter worth approximately $1,258,000. Barclays PLC raised its position in Washington Trust Bancorp by 44.9% in the 3rd quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock valued at $1,717,000 after buying an additional 16,511 shares during the last quarter. Aptus Capital Advisors LLC lifted its stake in Washington Trust Bancorp by 15.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock valued at $3,344,000 after acquiring an additional 14,028 shares in the last quarter. Jane Street Group LLC boosted its holdings in Washington Trust Bancorp by 95.6% during the 3rd quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock worth $1,180,000 after acquiring an additional 17,906 shares during the last quarter. Finally, Inspire Advisors LLC bought a new stake in shares of Washington Trust Bancorp in the 2nd quarter worth $1,529,000. 65.81% of the stock is 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 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.