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

Share on StockTwits

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday, BidAskClub reports.

Several other equities research analysts have also recently issued reports on the stock. Compass Point cut shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating and set a $53.00 price objective on the stock. in a research report on Monday, December 9th. Boenning Scattergood cut shares of Washington Trust Bancorp from an “outperform” rating to a “neutral” rating in a research report on Tuesday, October 22nd. ValuEngine raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research lowered shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Saturday, October 26th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and an average price target of $54.33.

Shares of Washington Trust Bancorp stock traded up $0.56 on Tuesday, hitting $52.29. 330 shares of the company traded hands, compared to its average volume of 43,135. The stock has a market capitalization of $903.93 million, a P/E ratio of 13.31 and a beta of 0.68. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.09 and a current ratio of 1.10. Washington Trust Bancorp has a 52 week low of $45.21 and a 52 week high of $54.96. The business has a 50-day simple moving average of $53.07 and a 200 day simple moving average of $50.40.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, October 21st. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.12. The firm had revenue of $51.32 million for the quarter, compared to analysts’ expectations of $50.50 million. Washington Trust Bancorp had a net margin of 26.76% and a return on equity of 14.84%. Research analysts expect that Washington Trust Bancorp will post 4.02 earnings per share for the current year.

In related news, Director Katherine W. Hoxsie sold 2,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $52.55, for a total transaction of $105,100.00. Following the completion of the sale, the director now directly owns 26,012 shares in the company, valued at approximately $1,366,930.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.18% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new stake in shares of Washington Trust Bancorp in the second quarter worth approximately $37,000. Janney Montgomery Scott LLC purchased a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at $200,000. D. E. Shaw & Co. Inc. purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at $204,000. Susquehanna International Group LLP acquired a new position in shares of Washington Trust Bancorp during the 2nd quarter valued at $292,000. Finally, Bank of Montreal Can lifted its holdings in shares of Washington Trust Bancorp by 29.6% during the 2nd quarter. Bank of Montreal Can now owns 5,589 shares of the financial services provider’s stock valued at $292,000 after acquiring an additional 1,275 shares in the last quarter. Hedge funds and other institutional investors own 58.40% 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.

Recommended Story: Purposes and Functions of the Federal Reserve

Receive News & Ratings for Washington Trust Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Washington Trust Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.