Washington Trust Bancorp (NASDAQ:WASH) Downgraded to "Hold" Rating by Zacks Research

Key Points

• Zacks Research downgraded Washington Trust Bancorp from a "strong‑buy" to a "Hold," and multiple other firms have shifted to neutral/hold, leaving a consensus rating of Hold with a $31.33 consensus price target.
• The company beat last quarter's estimates, reporting EPS of $0.83 versus $0.75 and revenue of $59.25M versus $56.38M, and analysts forecast roughly 2.76 EPS for the current year.
• WASH opened at $34.50 (above the consensus $31.33 target), has a market cap of about $657M, a P/E of 12.78, and roughly 65.8% institutional ownership.

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

WASH has been the subject of a number of other reports. 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 target for the company. Keefe, Bruyette & Woods raised their target price 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. Weiss Ratings restated a "hold (c-)" rating on shares of Washington Trust Bancorp in a research note on Wednesday, January 21st. Finally, Wall Street Zen lowered shares of Washington Trust Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, March 21st. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $31.33.

Washington Trust Bancorp Stock Up 1.0%

WASH opened at $34.50 on Monday. The company has a 50 day moving average of $34.08 and a 200 day moving average of $30.70. The company has a market cap of $656.88 million, a PE ratio of 12.78, a price-to-earnings-growth ratio of 0.70 and a beta of 0.81. Washington Trust Bancorp has a 12 month low of $25.23 and a 12 month high of $37.08. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.19.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.75 by $0.08. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.75%. The company had revenue of $59.25 million during the quarter, compared to the consensus estimate of $56.38 million. On average, sell-side analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current year.

Institutional Trading of Washington Trust Bancorp

Hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. raised its stake in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock valued at $60,000 after acquiring an additional 420 shares during the last quarter. Signaturefd LLC raised its position in Washington Trust Bancorp by 14.0% during the 4th quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider's stock valued at $116,000 after purchasing an additional 481 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Washington Trust Bancorp by 11.7% during the third quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider's stock valued at $145,000 after acquiring an additional 526 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 542 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of Washington Trust Bancorp by 35.4% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 3,016 shares of the financial services provider's stock valued at $89,000 after acquiring an additional 789 shares in the last quarter. 65.81% of the stock is owned by institutional investors.

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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