Washington Trust Bancorp (NASDAQ:WASH) Lifted to “Sell” at BidaskClub

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BidaskClub upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a strong sell rating to a sell rating in a report issued on Wednesday, September 18th, BidAskClub reports.

WASH has been the subject of several other research reports. Boenning Scattergood assumed coverage on shares of Washington Trust Bancorp in a research report on Wednesday, June 26th. They issued an outperform rating and a $55.00 price objective for the company. Compass Point set a $53.00 price objective on shares of Washington Trust Bancorp and gave the stock a buy rating in a research report on Thursday, September 12th. Zacks Investment Research lowered shares of Washington Trust Bancorp from a hold rating to a sell rating in a report on Friday, August 30th. Finally, ValuEngine lowered shares of Washington Trust Bancorp from a hold rating to a sell rating in a report on Tuesday, July 2nd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $54.33.

Shares of NASDAQ WASH traded up $0.90 on Wednesday, hitting $47.96. The company’s stock had a trading volume of 37,519 shares, compared to its average volume of 37,063. The company has a debt-to-equity ratio of 2.30, a current ratio of 1.10 and a quick ratio of 1.09. The company has a market capitalization of $815.19 million, a price-to-earnings ratio of 12.20 and a beta of 0.66. The stock has a 50 day moving average of $47.78 and a 200-day moving average of $49.66. Washington Trust Bancorp has a 12-month low of $45.21 and a 12-month high of $56.42.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.99 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.04). Washington Trust Bancorp had a return on equity of 15.12% and a net margin of 27.03%. The company had revenue of $50.61 million for the quarter, compared to analyst estimates of $50.90 million. Sell-side analysts expect that Washington Trust Bancorp will post 3.87 EPS for the current fiscal year.

The business also recently disclosed a — dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a dividend of $0.51 per share. The ex-dividend date was Monday, September 30th. This represents a yield of 4.1%. Washington Trust Bancorp’s dividend payout ratio (DPR) is 51.91%.

Several institutional investors have recently bought and sold shares of WASH. Nuveen Asset Management LLC lifted its position in shares of Washington Trust Bancorp by 842.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 73,661 shares of the financial services provider’s stock worth $3,845,000 after buying an additional 65,842 shares during the last quarter. Victory Capital Management Inc. lifted its position in Washington Trust Bancorp by 134.2% in the 1st quarter. Victory Capital Management Inc. now owns 67,920 shares of the financial services provider’s stock valued at $3,270,000 after purchasing an additional 38,920 shares during the last quarter. Lehman & Derafelo Financial Resources LLC bought a new stake in Washington Trust Bancorp in the 1st quarter valued at about $1,025,000. Champlain Investment Partners LLC lifted its position in Washington Trust Bancorp by 2.6% in the 1st quarter. Champlain Investment Partners LLC now owns 749,545 shares of the financial services provider’s stock valued at $36,091,000 after purchasing an additional 18,845 shares during the last quarter. Finally, BlackRock Inc. lifted its position in Washington Trust Bancorp by 1.2% in the 2nd quarter. BlackRock Inc. now owns 1,122,747 shares of the financial services provider’s stock valued at $58,584,000 after purchasing an additional 13,038 shares during the last quarter. Institutional investors own 58.99% of the company’s stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate 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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