Washington Trust Bancorp (NASDAQ:WASH) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Washington Trust Bancorp from “sell” to “hold,” adding to a mixed analyst picture that currently leaves the stock with an overall Hold consensus and an average price target of $31.33.
• The company reported weaker-than-expected quarterly results, posting EPS of $0.66 versus the $0.77 estimate, while revenue of $57.83 million also came in slightly below expectations.
• Insider activity was mixed but leaned positive: CEO Edward O. Handy III bought 3,195 shares, while EVP Rolando A. Lora sold 885 shares; meanwhile, institutional investors own about 65.81% of the stock.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Sunday.

A number of other research firms have also weighed in on WASH. Keefe, Bruyette & Woods raised their price target on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a "market perform" rating in a research report on Friday, January 30th. Weiss Ratings raised shares of Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, April 21st. Piper Sandler initiated coverage on shares of Washington Trust Bancorp in a research report on Monday, March 16th. They set a "neutral" rating and a $32.00 price target on the stock. Finally, Zacks Research lowered shares of Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $31.33.

Washington Trust Bancorp Stock Down 1.2%

Shares of WASH opened at $30.92 on Friday. The firm has a market cap of $589.64 million, a P/E ratio of 11.33, a price-to-earnings-growth ratio of 0.74 and a beta of 0.73. Washington Trust Bancorp has a 52 week low of $25.23 and a 52 week high of $37.08. The firm's 50-day simple moving average is $32.93 and its 200 day simple moving average is $31.58. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.77 by ($0.11). Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. The business had revenue of $57.83 million during the quarter, compared to the consensus estimate of $58.24 million. On average, analysts forecast that Washington Trust Bancorp will post 3.09 earnings per share for the current year.

Insider Buying and Selling at Washington Trust Bancorp

In other Washington Trust Bancorp news, CEO Edward O. Handy III bought 3,195 shares of Washington Trust Bancorp stock in a transaction dated Monday, April 27th. The stock was purchased at an average price of $31.32 per share, for a total transaction of $100,067.40. Following the completion of the purchase, the chief executive officer directly owned 51,442 shares of the company's stock, valued at approximately $1,611,163.44. This trade represents a 6.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Rolando A. Lora sold 885 shares of Washington Trust Bancorp stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $31.55, for a total transaction of $27,921.75. Following the completion of the transaction, the executive vice president owned 11,292 shares of the company's stock, valued at $356,262.60. The trade was a 7.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have bought 36,801 shares of company stock worth $1,147,293 over the last three months. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Washington Trust Bancorp

Several hedge funds have recently bought and sold shares of WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Washington Trust Bancorp by 17.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider's stock valued at $350,000 after acquiring an additional 1,708 shares in the last quarter. Legal & General Group Plc grew its stake in Washington Trust Bancorp by 8.1% during the second quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider's stock valued at $546,000 after acquiring an additional 1,448 shares in the last quarter. Rhumbline Advisers grew its stake in Washington Trust Bancorp by 9.8% during the second quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider's stock valued at $847,000 after acquiring an additional 2,670 shares in the last quarter. Quantbot Technologies LP purchased a new position in Washington Trust Bancorp during the second quarter valued at approximately $409,000. Finally, Invesco Ltd. grew its stake in Washington Trust Bancorp by 3.0% during the second quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider's stock valued at $8,608,000 after acquiring an additional 8,938 shares in the last quarter. Hedge funds and other 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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