Washington Trust Bancorp (NASDAQ:WASH) stock rating downgraded by StockNews.com

Washington Trust Bancorp (NASDAQ: WASH – Get a rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report released Friday to clients and investors.

Separately, Piper Sandler downgraded Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a price target of $56.00 for the stock. in a report on Thursday, April 7.

NASDAQ WASH shares traded down $0.87 during Friday’s midday session, hitting $48.51. The company had a trading volume of 72,137 shares, compared to an average volume of 58,071. The stock has a fifty-day moving average of $48.55 and a two-hundred-day moving average of $52.46. Washington Trust Bancorp has a 12-month low of $45.60 and a 12-month high of $60.96. The company has a market capitalization of $841.84 million, a price-earnings ratio of 11.66 and a beta of 0.74. The company has a debt ratio of 0.15, a quick ratio of 0.87 and a current ratio of 0.88.

Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last released its quarterly earnings data on Monday, April 25. The financial services provider reported EPS of $0.94 for the quarter, beating analyst consensus estimates of $0.91 by $0.03. Washington Trust Bancorp had a return on equity of 13.35% and a net margin of 30.69%. The company posted revenue of $52.25 million for the quarter, versus a consensus estimate of $53.40 million. In the same quarter a year earlier, the company posted earnings per share of $1.17. Sell-side analysts expect Washington Trust Bancorp to post earnings per share of 3.82 for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Amalgamated Bank bought a new stake in shares of Washington Trust Bancorp in the first quarter worth about $108,000. Keeley Teton Advisors LLC bought a new position in Washington Trust Bancorp stock during the first quarter worth $399,000. First Republic Investment Management Inc. increased its holdings of Washington Trust Bancorp shares by 59.3% in the first quarter. First Republic Investment Management Inc. now owns 10,753 shares of the financial services provider valued at $565,000 after acquiring an additional 4,003 shares during the period. Goldman Sachs Group Inc. increased its holdings of Washington Trust Bancorp shares by 98.8% in the first quarter. Goldman Sachs Group Inc. now owns 22,538 shares of the financial services provider valued at $1,183,000 after acquiring an additional 11,201 shares during the period. Finally, State Street Corp increased its stake in shares of Washington Trust Bancorp by 15.0% during the first quarter. State Street Corp now owns 515,243 shares of the financial services provider valued at $27,326,000 after acquiring an additional 67,339 shares during the period. 77.37% of the shares are held by institutional investors.

Washington Trust Bancorp Company Profile (Get a rating)

Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans which consist of homeowner mortgages and construction loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.

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