Weiss Ratings Reaffirms "Hold (C-)" Rating for Washington Trust Bancorp (NASDAQ:WASH)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C-)" rating for Washington Trust Bancorp, amidst mixed analyst opinions regarding the stock.
• Piper Sandler has downgraded the stock from "neutral" to "underweight," setting a price target of $28.00.
• Washington Trust Bancorp reported an EPS of $0.68 for the latest quarter, exceeding analysts' expectations of $0.63.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report)'s stock had its "hold (c-)" rating reissued by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective for the company. in a report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $29.00.

Washington Trust Bancorp Stock Down 1.8%

NASDAQ WASH traded down $0.52 during trading hours on Wednesday, hitting $28.36. 117,763 shares of the company traded hands, compared to its average volume of 160,888. Washington Trust Bancorp has a twelve month low of $24.95 and a twelve month high of $40.59. The business's 50-day moving average is $28.98 and its 200-day moving average is $28.51. The company has a debt-to-equity ratio of 1.94, a quick ratio of 1.04 and a current ratio of 1.05. The stock has a market capitalization of $543.38 million, a price-to-earnings ratio of -18.78, a P/E/G ratio of 0.84 and a beta of 0.91.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.63 by $0.05. The firm 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 9.05% and a negative net margin of 6.10%.During the same period in the prior year, the firm posted $0.63 EPS. Sell-side analysts anticipate that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Institutional Trading of Washington Trust Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. AlphaQuest LLC bought a new position in shares of Washington Trust Bancorp during the second quarter valued at about $33,000. Ransom Advisory Ltd bought a new position in Washington Trust Bancorp in the first quarter worth about $40,000. Federated Hermes Inc. bought a new position in Washington Trust Bancorp in the first quarter worth about $53,000. Tower Research Capital LLC TRC raised its stake in Washington Trust Bancorp by 200.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock worth $67,000 after buying an additional 1,578 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in Washington Trust Bancorp by 312.5% in the second quarter. BNP Paribas Financial Markets now owns 4,504 shares of the financial services provider's stock worth $127,000 after buying an additional 3,412 shares in the last quarter. 65.81% of the stock is owned by institutional investors.

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.

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