Washington Trust Bancorp (NASDAQ:WASH) Rating Increased to Hold at StockNews.com

Washington Trust Bancorp (NASDAQ:WASHGet Free Report) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Washington Trust Bancorp Stock Up 0.8 %

Shares of NASDAQ:WASH traded up $0.20 during trading on Friday, reaching $26.25. 63,341 shares of the stock traded hands, compared to its average volume of 84,778. The stock has a 50-day moving average of $26.11 and a two-hundred day moving average of $27.52. Washington Trust Bancorp has a 52-week low of $21.69 and a 52-week high of $33.96. The company has a debt-to-equity ratio of 2.70, a quick ratio of 1.07 and a current ratio of 1.08. The stock has a market cap of $447.56 million, a P/E ratio of 9.69 and a beta of 0.80.

Washington Trust Bancorp (NASDAQ:WASHGet Free Report) last posted its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.21. Washington Trust Bancorp had a net margin of 12.01% and a return on equity of 10.11%. The firm had revenue of $48.83 million for the quarter, compared to analysts’ expectations of $45.24 million. As a group, sell-side analysts expect that Washington Trust Bancorp will post 2.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in Washington Trust Bancorp by 4.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,672 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 615 shares during the last quarter. EntryPoint Capital LLC boosted its holdings in Washington Trust Bancorp by 86.3% in the first quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 734 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Washington Trust Bancorp by 10.6% in the first quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock worth $7,834,000 after purchasing an additional 27,979 shares during the last quarter. Mystic Asset Management Inc. boosted its holdings in Washington Trust Bancorp by 4.9% in the first quarter. Mystic Asset Management Inc. now owns 18,376 shares of the financial services provider’s stock worth $494,000 after purchasing an additional 860 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in Washington Trust Bancorp by 8.1% in the first quarter. Empowered Funds LLC now owns 39,717 shares of the financial services provider’s stock worth $1,068,000 after purchasing an additional 2,975 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

(Get Free Report)

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.

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