Washington Trust Bancorp (WASH) Raised to Sell at BidaskClub

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Washington Trust Bancorp (NASDAQ:WASH) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Tuesday.

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

Shares of Washington Trust Bancorp stock opened at $51.35 on Tuesday. The stock has a market capitalization of $878.53 million, a PE ratio of 13.69 and a beta of 0.61. The company has a current ratio of 1.09, a quick ratio of 1.08 and a debt-to-equity ratio of 2.19. Washington Trust Bancorp has a 1 year low of $50.00 and a 1 year high of $63.25.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, October 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.03. The business had revenue of $48.66 million for the quarter. Washington Trust Bancorp had a net margin of 25.69% and a return on equity of 15.76%.

In other news, Director John F. Treanor sold 8,000 shares of the company’s stock in a transaction dated Monday, August 20th. The shares were sold at an average price of $59.18, for a total value of $473,440.00. Following the sale, the director now owns 10,855 shares in the company, valued at approximately $642,398.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Katherine W. Hoxsie sold 1,500 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $59.02, for a total transaction of $88,530.00. Following the completion of the sale, the director now owns 25,422 shares in the company, valued at approximately $1,500,406.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,500 shares of company stock worth $859,210. Company insiders own 2.33% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Raymond James & Associates raised its stake in shares of Washington Trust Bancorp by 1.2% in the 2nd quarter. Raymond James & Associates now owns 70,856 shares of the financial services provider’s stock valued at $4,117,000 after purchasing an additional 873 shares in the last quarter. Legal & General Group Plc raised its stake in Washington Trust Bancorp by 24.6% during the first quarter. Legal & General Group Plc now owns 6,691 shares of the financial services provider’s stock worth $360,000 after acquiring an additional 1,321 shares during the period. Wells Fargo & Company MN raised its stake in Washington Trust Bancorp by 6.3% during the first quarter. Wells Fargo & Company MN now owns 28,440 shares of the financial services provider’s stock worth $1,529,000 after acquiring an additional 1,684 shares during the period. California Public Employees Retirement System raised its stake in Washington Trust Bancorp by 7.4% during the first quarter. California Public Employees Retirement System now owns 25,586 shares of the financial services provider’s stock worth $1,375,000 after acquiring an additional 1,769 shares during the period. Finally, Coastline Trust Co raised its stake in Washington Trust Bancorp by 51.7% during the second quarter. Coastline Trust Co now owns 6,750 shares of the financial services provider’s stock worth $392,000 after acquiring an additional 2,300 shares during the period. Institutional investors and hedge funds own 57.65% 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 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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