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

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) was downgraded by research analysts at Piper Sandler from a "neutral" rating to an "underweight" rating in a research note issued on Tuesday, MarketBeat.com reports. They presently have a $28.00 price target on the financial services provider's stock. Piper Sandler's price target points to a potential upside of 1.01% from the company's previous close.

WASH has been the topic of several other research reports. Bank of America began coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 target price on the stock. Keefe, Bruyette & Woods cut 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 issued a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Washington Trust Bancorp presently has a consensus rating of "Hold" and a consensus price target of $29.00.

Washington Trust Bancorp Trading Down 1.6%

NASDAQ WASH traded down $0.44 on Tuesday, hitting $27.72. The company's stock had a trading volume of 152,932 shares, compared to its average volume of 168,861. The company's 50-day moving average is $28.32 and its 200 day moving average is $29.60. The firm has a market cap of $534.72 million, a PE ratio of -18.36, a PEG ratio of 0.98 and a beta of 0.90. Washington Trust Bancorp has a 1-year low of $24.95 and a 1-year high of $40.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.67.

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. Washington Trust Bancorp had a positive return on equity of 9.14% and a negative net margin of 6.10%. The company had revenue of $54.26 million for the quarter, compared to analyst estimates of $54.07 million. During the same period in the previous year, the firm earned $0.63 earnings per share. As a group, analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Institutional Trading of Washington Trust Bancorp

Large investors have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Washington Trust Bancorp in the fourth quarter valued at approximately $2,192,000. Swiss National Bank increased its stake in Washington Trust Bancorp by 11.0% during the 4th quarter. Swiss National Bank now owns 37,300 shares of the financial services provider's stock valued at $1,169,000 after purchasing an additional 3,700 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Washington Trust Bancorp during the fourth quarter worth $676,000. American Century Companies Inc. lifted its stake in shares of Washington Trust Bancorp by 1.2% in the fourth quarter. American Century Companies Inc. now owns 325,169 shares of the financial services provider's stock valued at $10,194,000 after buying an additional 3,697 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Washington Trust Bancorp in the fourth quarter valued at $97,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

About Washington Trust Bancorp

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.