Washington Trust Bancorp (NASDAQ:WASH) Lowered to “Sell” Rating by Wall Street Zen

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by investment analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

WASH has been the subject of several other reports. Zacks Research cut Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Weiss Ratings raised shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Finally, Piper Sandler boosted their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Friday. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $34.50.

Washington Trust Bancorp Trading Up 1.7%

Shares of WASH opened at $36.89 on Friday. The stock’s 50-day moving average price is $33.08 and its 200 day moving average price is $32.80. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $703.49 million, a price-to-earnings ratio of 13.51, a P/E/G ratio of 0.87 and a beta of 0.74. Washington Trust Bancorp has a 12-month low of $25.23 and a 12-month high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%.The firm had revenue of $57.83 million during the quarter, compared to the consensus estimate of $58.24 million. As a group, research analysts predict that Washington Trust Bancorp will post 3.09 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Rolando A. Lora sold 885 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total value of $27,921.75. Following the sale, the executive vice president directly owned 11,292 shares in the company, valued at approximately $356,262.60. This represents a 7.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP James Cannon Brown bought 32,000 shares of the company’s stock in a transaction dated Thursday, April 23rd. The stock was bought at an average cost of $31.17 per share, with a total value of $997,440.00. Following the completion of the acquisition, the executive vice president owned 37,280 shares in the company, valued at $1,162,017.60. This represents a 606.06% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 36,801 shares of company stock valued at $1,147,293. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WASH. Foster Dykema Cabot & Partners LLC bought a new position in shares of Washington Trust Bancorp during the third quarter valued at $27,000. EverSource Wealth Advisors LLC grew its holdings in shares of Washington Trust Bancorp by 114.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 542 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 420 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Washington Trust Bancorp by 200.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Washington Trust Bancorp by 367.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,869 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.