Washington Trust Bancorp (NASDAQ:WASH) Downgraded by BidaskClub

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BidaskClub lowered shares of Washington Trust Bancorp (NASDAQ:WASH) from a sell rating to a strong sell rating in a research report released on Saturday morning, BidAskClub reports.

A number of other equities analysts have also recently commented on the stock. ValuEngine raised shares of Washington Trust Bancorp from a sell rating to a hold rating in a research report on Thursday, July 2nd. Zacks Investment Research downgraded Washington Trust Bancorp from a hold rating to a sell rating in a report on Saturday, July 4th. Finally, Compass Point raised Washington Trust Bancorp from a neutral rating to a buy rating and dropped their target price for the stock from $44.00 to $40.00 in a report on Tuesday, April 28th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $47.00.

WASH stock opened at $30.39 on Friday. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.16 and a quick ratio of 1.14. The company has a fifty day moving average price of $32.07 and a two-hundred day moving average price of $39.15. Washington Trust Bancorp has a one year low of $25.86 and a one year high of $54.96. The stock has a market cap of $516.72 million, a price-to-earnings ratio of 8.35 and a beta of 0.61.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, April 27th. The financial services provider reported $0.68 EPS for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.02). Washington Trust Bancorp had a return on equity of 12.72% and a net margin of 23.81%. The company had revenue of $52.53 million for the quarter, compared to the consensus estimate of $48.13 million. Research analysts anticipate that Washington Trust Bancorp will post 3.17 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 6.71%. The ex-dividend date was Tuesday, June 30th. Washington Trust Bancorp’s dividend payout ratio is currently 51.52%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in Washington Trust Bancorp by 1,645.2% in the fourth quarter. Bank of New York Mellon Corp now owns 2,079,210 shares of the financial services provider’s stock valued at $111,841,000 after purchasing an additional 1,960,072 shares in the last quarter. BlackRock Inc. raised its stake in Washington Trust Bancorp by 2.9% in the first quarter. BlackRock Inc. now owns 1,198,478 shares of the financial services provider’s stock valued at $43,818,000 after purchasing an additional 33,399 shares in the last quarter. Champlain Investment Partners LLC raised its stake in Washington Trust Bancorp by 0.7% in the first quarter. Champlain Investment Partners LLC now owns 861,385 shares of the financial services provider’s stock valued at $31,492,000 after purchasing an additional 6,335 shares in the last quarter. Franklin Resources Inc. raised its stake in Washington Trust Bancorp by 2.1% in the first quarter. Franklin Resources Inc. now owns 808,248 shares of the financial services provider’s stock valued at $29,550,000 after purchasing an additional 16,766 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Washington Trust Bancorp by 25.7% in the first quarter. JPMorgan Chase & Co. now owns 372,078 shares of the financial services provider’s stock valued at $13,604,000 after purchasing an additional 76,080 shares in the last quarter. 71.98% 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 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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