Washington Trust Bancorp (NASDAQ:WASH) Downgraded by Zacks Research to Strong Sell

Key Points

• Zacks Research downgraded Washington Trust Bancorp (NASDAQ:WASH) from a "hold" to a "strong sell" in a report released Wednesday.
• The company missed quarterly expectations, reporting $0.66 EPS versus a $0.77 consensus and $57.83M in revenue versus $58.24M expected, while shares trade near $32 with a market cap of about $613M and a P/E of 11.8.
• Insiders have been active—EVP James Cannon Brown bought 32,000 shares (~$997k)—even as analyst coverage remains mixed (average rating: "Hold" with a $31.33 price target).

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Wednesday,Zacks.com reports.

Several other equities research analysts also recently weighed in on WASH. Wall Street Zen downgraded Washington Trust Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. Keefe, Bruyette & Woods increased their price objective on Washington Trust Bancorp from $30.00 to $34.00 and gave the company a "market perform" rating in a report on Friday, January 30th. Piper Sandler initiated coverage on Washington Trust Bancorp in a report on Monday, March 16th. They issued a "neutral" rating and a $32.00 price objective on the stock. Finally, Weiss Ratings upgraded Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. One investment 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. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $31.33.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH opened at $32.20 on Wednesday. The stock's 50-day moving average is $33.28 and its two-hundred day 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. Washington Trust Bancorp has a 1-year low of $25.23 and a 1-year high of $37.08. The company has a market cap of $613.09 million, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 0.77 and a beta of 0.73.

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

Insiders Place Their Bets

In other Washington Trust Bancorp news, EVP James Cannon Brown acquired 32,000 shares of the company's stock in a transaction dated Thursday, April 23rd. The shares were acquired at an average price of $31.17 per share, for a total transaction of $997,440.00. Following the acquisition, the executive vice president owned 37,280 shares in the company, valued at $1,162,017.60. The trade was a 606.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Rolando A. Lora sold 885 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total value of $27,921.75. Following the transaction, the executive vice president owned 11,292 shares in the company, valued at $356,262.60. This represents a 7.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have acquired 36,801 shares of company stock worth $1,147,293. Insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Foster Dykema Cabot & Partners LLC purchased a new position in Washington Trust Bancorp during the 3rd quarter worth approximately $27,000. EverSource Wealth Advisors LLC grew its stake in Washington Trust Bancorp by 114.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after buying an additional 542 shares during the last quarter. Federated Hermes Inc. grew its stake in Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after buying an additional 420 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock worth $67,000 after buying an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Washington Trust Bancorp by 367.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock worth $69,000 after buying an additional 1,869 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company's stock.

About Washington Trust Bancorp

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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