Washington Trust Bancorp (NASDAQ:WASH) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Washington Trust Bancorp from “strong sell” to “hold,” and the broader analyst view now averages to a Hold rating with a $35.50 price target.
• The stock rose 2.0% and opened at $38.39, near its 12-month high of $39.85, with the company valued at about $732.1 million.
• Recent quarterly results beat expectations: Washington Trust Bancorp reported EPS of $0.83 versus the $0.77 estimate, while revenue also slightly topped forecasts at $60.47 million.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other equities research analysts have also weighed in on WASH. Piper Sandler raised their price objective on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Seaport Research Partners lowered Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research report on Wednesday. Weiss Ratings raised Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, June 5th. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Keefe, Bruyette & Woods lifted their price target on Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a "market perform" rating in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $35.50.

Washington Trust Bancorp Stock Up 2.0%

NASDAQ WASH opened at $38.39 on Thursday. Washington Trust Bancorp has a 12 month low of $25.23 and a 12 month high of $39.85. The company has a market capitalization of $732.10 million, a P/E ratio of 13.33, a PEG ratio of 0.89 and a beta of 0.72. The company's 50 day simple moving average is $34.88 and its 200 day simple moving average is $33.68. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.99 and a quick ratio of 0.98.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.77 by $0.06. The firm had revenue of $60.47 million during the quarter, compared to analysts' expectations of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. Equities research analysts expect that Washington Trust Bancorp will post 3.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Rolando A. Lora sold 885 shares of the firm's stock in a transaction 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 completion of the sale, the executive vice president owned 11,292 shares of the company's stock, valued at $356,262.60. This trade represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Edward O. Handy III purchased 3,195 shares of the company's stock in a transaction that occurred on Monday, April 27th. The shares were acquired at an average cost of $31.32 per share, for a total transaction of $100,067.40. Following the completion of the transaction, the chief executive officer directly owned 51,442 shares of the company's stock, valued at $1,611,163.44. This trade represents a 6.62% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. increased its stake in Washington Trust Bancorp by 8.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 9,168 shares of the financial services provider's stock valued at $334,000 after buying an additional 740 shares during the period. Rockland Trust Co. boosted its stake in shares of Washington Trust Bancorp by 3.0% during the 2nd quarter. Rockland Trust Co. now owns 26,527 shares of the financial services provider's stock valued at $968,000 after buying an additional 770 shares during the period. Bank of America Corp DE boosted its stake in shares of Washington Trust Bancorp by 35.5% during the 1st quarter. Bank of America Corp DE now owns 103,355 shares of the financial services provider's stock valued at $3,458,000 after buying an additional 27,080 shares during the period. Amundi purchased a new position in shares of Washington Trust Bancorp during the 1st quarter valued at $204,000. Finally, Empowered Funds LLC grew its holdings in shares of Washington Trust Bancorp by 556.6% during the 1st quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider's stock valued at $2,225,000 after acquiring an additional 57,329 shares in the last quarter. 65.81% of the stock is owned by hedge funds and other 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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