Washington Trust Bancorp (NASDAQ:WASH) Lowered to “Hold” at Zacks Investment Research

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Washington Trust Bancorp, Inc. is a publicly-owned, registered bank holding company whose subsidiaries are permitted to engage in banking and other financial services and businesses. They conduct their business through their wholly owned subsidiary, The Washington Trust Company, commercial bank. “

Shares of Washington Trust Bancorp stock opened at $51.48 on Thursday. The stock has a market capitalization of $889.68 million, a price-to-earnings ratio of 13.41 and a beta of 0.62. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.09 and a current ratio of 1.10. The company has a fifty day moving average of $51.02 and a 200-day moving average of $42.95. Washington Trust Bancorp has a 52-week low of $26.92 and a 52-week high of $55.07.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Tuesday, January 26th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.16. The business had revenue of $59.97 million for the quarter, compared to analyst estimates of $54.50 million. Washington Trust Bancorp had a net margin of 25.03% and a return on equity of 13.05%. On average, equities research analysts forecast that Washington Trust Bancorp will post 3.87 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in WASH. Norges Bank bought a new stake in Washington Trust Bancorp in the 4th quarter worth $7,133,000. Boston Trust Walden Corp grew its holdings in Washington Trust Bancorp by 23.9% in the 4th quarter. Boston Trust Walden Corp now owns 324,663 shares of the financial services provider’s stock worth $14,545,000 after acquiring an additional 62,667 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Washington Trust Bancorp by 8.0% in the 4th quarter. JPMorgan Chase & Co. now owns 549,051 shares of the financial services provider’s stock worth $24,598,000 after acquiring an additional 40,837 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Washington Trust Bancorp by 2.6% during the 4th quarter. BlackRock Inc. now owns 1,536,872 shares of the financial services provider’s stock valued at $68,850,000 after purchasing an additional 38,797 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of Washington Trust Bancorp by 70.4% during the 4th quarter. Morgan Stanley now owns 88,536 shares of the financial services provider’s stock valued at $3,965,000 after purchasing an additional 36,576 shares in the last quarter. 71.46% of the stock is currently owned by institutional investors and hedge funds.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans consists 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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