Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Lowered by Piper Sandler

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) was downgraded by analysts at Piper Sandler from a "neutral" rating to an "underweight" rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They currently have a $28.00 price target on the financial services provider's stock. Piper Sandler's price target points to a potential upside of 1.60% from the stock's previous close.

WASH has been the topic of a number of other reports. Bank of America initiated coverage on Washington Trust Bancorp in a research note on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price objective on the stock. Keefe, Bruyette & Woods decreased their target price on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, Washington Trust Bancorp presently has an average rating of "Hold" and an average target price of $29.00.

Washington Trust Bancorp Stock Performance

Shares of Washington Trust Bancorp stock traded down $0.16 during trading on Tuesday, reaching $27.56. The company's stock had a trading volume of 165,347 shares, compared to its average volume of 172,202. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.03 and a current ratio of 1.03. The business's fifty day moving average price is $28.28 and its 200-day moving average price is $29.58. The firm has a market cap of $531.66 million, a price-to-earnings ratio of -18.25, a price-to-earnings-growth ratio of 0.98 and a beta of 0.90. Washington Trust Bancorp has a one year low of $24.95 and a one year high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. The business had revenue of $54.26 million for the quarter, compared to analyst estimates of $54.07 million. Washington Trust Bancorp had a positive return on equity of 9.14% and a negative net margin of 6.10%. During the same period in the previous year, the company posted $0.63 earnings per share. As a group, equities research analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently added to or reduced their stakes in the company. Ransom Advisory Ltd acquired a new stake in Washington Trust Bancorp during the first quarter valued at approximately $40,000. Federated Hermes Inc. acquired a new stake in Washington Trust Bancorp during the first quarter valued at approximately $53,000. KLP Kapitalforvaltning AS acquired a new stake in Washington Trust Bancorp during the fourth quarter valued at approximately $97,000. State of Tennessee Department of Treasury acquired a new stake in Washington Trust Bancorp during the fourth quarter valued at approximately $131,000. Finally, Barrett & Company Inc. boosted its holdings in Washington Trust Bancorp by 10.1% during the second quarter. Barrett & Company Inc. now owns 5,646 shares of the financial services provider's stock valued at $160,000 after purchasing an additional 518 shares in the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.