StockNews.com Upgrades Washington Trust Bancorp (NASDAQ:WASH) to Hold

StockNews.com upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a sell rating to a hold rating in a report released on Thursday.

Separately, Seaport Res Ptn cut shares of Washington Trust Bancorp from a buy rating to a neutral rating in a research report on Wednesday, January 31st.

Washington Trust Bancorp Trading Up 0.6 %

Shares of WASH opened at $26.14 on Thursday. The firm has a 50-day moving average price of $25.76 and a 200 day moving average price of $27.21. Washington Trust Bancorp has a 12-month low of $21.69 and a 12-month high of $33.96. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 2.57. The firm has a market capitalization of $445.16 million, a P/E ratio of 9.65 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.22. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 12.01%. The company had revenue of $45.96 million for the quarter, compared to the consensus estimate of $47.38 million. Sell-side analysts forecast that Washington Trust Bancorp will post 1.91 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Monday, April 1st were issued a $0.56 dividend. The ex-dividend date was Thursday, March 28th. This represents a $2.24 annualized dividend and a dividend yield of 8.57%. Washington Trust Bancorp’s dividend payout ratio is presently 82.66%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. New England Professional Planning Group Inc. grew its stake in shares of Washington Trust Bancorp by 10.8% in the first quarter. New England Professional Planning Group Inc. now owns 10,528 shares of the financial services provider’s stock worth $283,000 after acquiring an additional 1,027 shares in the last quarter. Napatree Capital LLC acquired a new stake in Washington Trust Bancorp in the fourth quarter valued at $1,813,000. EP Wealth Advisors LLC purchased a new stake in Washington Trust Bancorp during the 4th quarter worth about $259,000. Quest Partners LLC acquired a new position in shares of Washington Trust Bancorp during the 4th quarter worth about $186,000. Finally, Quadrant Capital Group LLC boosted its holdings in Washington Trust Bancorp by 52.8% in the fourth quarter. Quadrant Capital Group LLC now owns 9,869 shares of the financial services provider’s stock valued at $320,000 after purchasing an additional 3,410 shares in the last quarter. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

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.