Washington Trust Bancorp (NASDAQ:WASH) Rating Increased to Strong-Buy at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a hold rating to a strong-buy rating in a research report report published on Friday,Zacks.com reports.

Separately, StockNews.com raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st.

Washington Trust Bancorp Price Performance

Shares of NASDAQ:WASH opened at $30.85 on Friday. The firm has a market cap of $594.66 million, a price-to-earnings ratio of -19.90 and a beta of 0.80. The firm has a fifty day moving average price of $31.79 and a 200 day moving average price of $33.16. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. Washington Trust Bancorp has a fifty-two week low of $24.11 and a fifty-two week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. As a group, sell-side analysts expect that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.26%. The ex-dividend date of this dividend was Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is currently -144.52%.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Washington Trust Bancorp in the third quarter valued at $32,000. Hantz Financial Services Inc. raised its stake in shares of Washington Trust Bancorp by 15,152.6% in the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider’s stock valued at $91,000 after acquiring an additional 2,879 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Washington Trust Bancorp in the fourth quarter valued at $97,000. State of Tennessee Department of Treasury bought a new position in shares of Washington Trust Bancorp in the fourth quarter worth about $131,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Washington Trust Bancorp in the third quarter worth about $209,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

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.