Washington Trust Bancorp (NASDAQ:WASH) Cut to Sell at Wall Street Zen

Key Points

• Washington Trust Bancorp was downgraded by Wall Street Zen from hold to sell, adding to a mixed analyst picture that currently carries an average Hold rating and a consensus target price of $31.33.
• The company’s latest quarterly results were below expectations, with EPS of $0.66 versus the $0.77 estimate and revenue of $57.83 million slightly under forecasts.
• Insider activity was mixed: CEO Edward O. Handy III bought shares, while EVP Rolando A. Lora sold shares; meanwhile, institutional investors continue to hold a large stake, owning 65.81% of the stock.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Other analysts have also issued research reports about the company. Weiss Ratings raised Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, April 21st. Zacks Research lowered Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a research note on Wednesday. Piper Sandler initiated coverage on Washington Trust Bancorp in a research note on Monday, March 16th. They issued a "neutral" rating and a $32.00 price objective on the stock. Finally, Keefe, Bruyette & Woods boosted their price objective on Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a "market perform" rating in a research note on Friday, January 30th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $31.33.

Washington Trust Bancorp Price Performance

Shares of WASH stock opened at $32.33 on Friday. The stock's fifty day simple moving average is $33.28 and its 200 day simple moving average is $31.43. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $615.56 million, a price-to-earnings ratio of 11.84, a P/E/G ratio of 0.77 and a beta of 0.73. Washington Trust Bancorp has a one year low of $25.23 and a one year high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.11). The company had revenue of $57.83 million during the quarter, compared to analyst estimates of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.85%. On average, analysts expect that Washington Trust Bancorp will post 3.09 earnings per share for the current fiscal year.

Insider Transactions at Washington Trust Bancorp

In related news, CEO Edward O. Handy III acquired 3,195 shares of the company's stock in a transaction that occurred on Monday, April 27th. The stock was acquired at an average price of $31.32 per share, for a total transaction of $100,067.40. Following the completion of the acquisition, the chief executive officer owned 51,442 shares of the company's stock, valued at $1,611,163.44. This trade represents a 6.62% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Rolando A. Lora sold 885 shares of the company's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $31.55, for a total value of $27,921.75. Following the completion of the sale, the executive vice president owned 11,292 shares of the company's stock, valued at $356,262.60. This represents a 7.27% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have purchased 36,801 shares of company stock worth $1,147,293. Insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Foster Dykema Cabot & Partners LLC bought a new stake in Washington Trust Bancorp in the third quarter valued at about $27,000. EverSource Wealth Advisors LLC increased its holdings in Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 542 shares during the last quarter. Federated Hermes Inc. increased its holdings in Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 420 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Washington Trust Bancorp by 200.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock valued at $67,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Washington Trust Bancorp by 367.2% in the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock valued at $69,000 after purchasing an additional 1,869 shares during the last quarter. Institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company's core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.

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