By otakuyassine3@gmail.com 
StockNews.com upgraded shares of Washington Trust Bancorp (NASDAQ:WASH – Free Report) from a sell rating to a hold rating in a report issued on Friday morning.
Separately, Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd.
View Our Latest Analysis on Washington Trust Bancorp
Washington Trust Bancorp Trading Up 1.7 %
Shares of WASH stock opened at $32.77 on Friday. The stock has a market cap of $631.05 million, a price-to-earnings ratio of -21.14 and a beta of 0.81. The stock has a 50-day moving average of $33.25 and a 200-day moving average of $32.91. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp has a 1-year low of $24.11 and a 1-year high of $40.59.
Washington Trust Bancorp (NASDAQ:WASH – Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. On average, equities research analysts forecast that Washington Trust Bancorp will post 2.7 earnings per share for the current year.
Washington Trust Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.24 annualized dividend and a yield of 6.84%. Washington Trust Bancorp’s dividend payout ratio is currently -144.52%.
Institutional Investors Weigh In On Washington Trust Bancorp
Large investors have recently added to or reduced their stakes in the business. Zacks Investment Management acquired a new stake in Washington Trust Bancorp during the third quarter worth approximately $1,258,000. Barclays PLC increased its holdings in shares of Washington Trust Bancorp by 44.9% during the third quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock valued at $1,717,000 after acquiring an additional 16,511 shares in the last quarter. Aptus Capital Advisors LLC increased its holdings in shares of Washington Trust Bancorp by 15.6% during the third quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock valued at $3,344,000 after acquiring an additional 14,028 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of Washington Trust Bancorp by 95.6% during the third quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock valued at $1,180,000 after acquiring an additional 17,906 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Washington Trust Bancorp by 60.0% during the third quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock valued at $2,150,000 after acquiring an additional 25,029 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.
About Washington Trust Bancorp
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.
Further Reading
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