Washington Trust Bancorp (NASDAQ:WASH) Cut to Hold at Zacks Research

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

WASH has been the subject of several other research reports. Keefe, Bruyette & Woods increased their target price on Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Friday, January 30th. Wall Street Zen downgraded Washington Trust Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Finally, Piper Sandler initiated coverage on Washington Trust Bancorp in a report on Monday, March 16th. They issued a “neutral” rating and a $32.00 price objective for the company. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $31.33.

Washington Trust Bancorp Price Performance

WASH stock opened at $34.50 on Monday. Washington Trust Bancorp has a 1 year low of $25.23 and a 1 year high of $37.08. The company has a market cap of $656.88 million, a P/E ratio of 12.78, a PEG ratio of 0.70 and a beta of 0.81. The firm has a 50-day moving average of $34.08 and a 200 day moving average of $30.70. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.75%. The company had revenue of $59.25 million during the quarter, compared to the consensus estimate of $56.38 million. On average, sell-side analysts forecast that Washington Trust Bancorp will post 2.76 EPS for the current year.

Institutional Trading of Washington Trust Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in shares of Washington Trust Bancorp during the fourth quarter valued at approximately $368,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Washington Trust Bancorp during the fourth quarter valued at approximately $249,000. EP Wealth Advisors LLC bought a new stake in shares of Washington Trust Bancorp in the 4th quarter worth $484,000. Mackenzie Financial Corp bought a new stake in shares of Washington Trust Bancorp in the 4th quarter worth $222,000. Finally, Empowered Funds LLC bought a new stake in shares of Washington Trust Bancorp in the 4th quarter worth $299,000. 65.81% of the stock is currently owned by institutional investors.

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.