Compass Point Upgrades Washington Trust Bancorp (NASDAQ:WASH) to “Buy”

Washington Trust Bancorp (NASDAQ:WASH) was upgraded by equities researchers at Compass Point from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, December 18th, Marketbeat Ratings reports.

Separately, BidaskClub downgraded Washington Trust Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, December 9th.

Washington Trust Bancorp (NASDAQ:WASH) traded up $0.90 during mid-day trading on Monday, reaching $55.55. The company had a trading volume of 34,810 shares, compared to its average volume of 39,589. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.02. The firm has a market capitalization of $933.37, a P/E ratio of 19.22 and a beta of 0.75. Washington Trust Bancorp has a fifty-two week low of $47.00 and a fifty-two week high of $59.10.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, October 23rd. The financial services provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.01. The company had revenue of $47.34 million for the quarter. Washington Trust Bancorp had a return on equity of 12.44% and a net margin of 23.63%.

In other news, SVP Dennis L. Algiere sold 950 shares of Washington Trust Bancorp stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $56.60, for a total value of $53,770.00. Following the completion of the transaction, the senior vice president now owns 9,783 shares in the company, valued at $553,717.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John F. Treanor sold 5,500 shares of Washington Trust Bancorp stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $55.94, for a total transaction of $307,670.00. The disclosure for this sale can be found here. Insiders have sold 11,451 shares of company stock worth $633,870 over the last ninety days. Company insiders own 2.58% of the company’s stock.

Large investors have recently bought and sold shares of the company. Alps Advisors Inc. raised its position in Washington Trust Bancorp by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 9,104 shares of the financial services provider’s stock worth $469,000 after purchasing an additional 24 shares during the last quarter. Virginia Retirement Systems ET AL raised its position in Washington Trust Bancorp by 1.0% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 9,800 shares of the financial services provider’s stock worth $505,000 after purchasing an additional 100 shares during the last quarter. Wells Fargo & Company MN raised its position in Washington Trust Bancorp by 1.0% in the 2nd quarter. Wells Fargo & Company MN now owns 17,710 shares of the financial services provider’s stock worth $914,000 after purchasing an additional 175 shares during the last quarter. California Public Employees Retirement System raised its position in Washington Trust Bancorp by 1.0% in the 2nd quarter. California Public Employees Retirement System now owns 20,900 shares of the financial services provider’s stock worth $1,077,000 after purchasing an additional 200 shares during the last quarter. Finally, People s United Financial Inc. raised its position in Washington Trust Bancorp by 3.6% in the 2nd quarter. People s United Financial Inc. now owns 8,750 shares of the financial services provider’s stock worth $451,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 55.09% of the company’s stock.

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About Washington Trust Bancorp

Washington Trust Bancorp, Inc is a bank holding company and financial holding company. The Company is a holding company of The Washington Trust Company, of Westerly (the Bank), a Rhode Island chartered commercial bank. The Company operates through two business segments: Commercial Banking and Wealth Management Services.

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