Washington Trust Bancorp (NASDAQ:WASH) Upgraded by Zacks Research to Strong-Buy Rating

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

Several other analysts have also recently weighed in on WASH. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Piper Sandler set a $32.00 price objective on shares of Washington Trust Bancorp in a research report on Thursday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $31.33.

Washington Trust Bancorp Stock Up 1.0%

Washington Trust Bancorp stock opened at $34.37 on Thursday. Washington Trust Bancorp has a twelve month low of $24.95 and a twelve month high of $34.95. The stock’s fifty day simple moving average is $30.08 and its 200-day simple moving average is $28.93. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.53. The firm has a market capitalization of $654.06 million, a P/E ratio of 12.73, a P/E/G ratio of 0.74 and a beta of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.08. The company had revenue of $59.25 million for the quarter, compared to the consensus estimate of $56.38 million. Washington Trust Bancorp had a return on equity of 9.83% and a net margin of 13.26%. As a group, equities analysts expect that Washington Trust Bancorp will post 2.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Washington Trust Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of WASH. Franklin Resources Inc. boosted its stake in Washington Trust Bancorp by 91.5% in the second quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider’s stock valued at $12,343,000 after acquiring an additional 208,586 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Washington Trust Bancorp by 1,417.2% during the fourth quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider’s stock worth $2,908,000 after purchasing an additional 91,936 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of Washington Trust Bancorp by 173.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider’s stock valued at $2,554,000 after purchasing an additional 56,102 shares during the last quarter. Teton Advisors LLC acquired a new stake in shares of Washington Trust Bancorp in the 3rd quarter valued at about $962,000. Finally, Jane Street Group LLC purchased a new position in Washington Trust Bancorp during the 2nd quarter worth approximately $857,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Washington Trust Bancorp

Here are the key news stories impacting Washington Trust Bancorp this week:

• Positive Sentiment: Q4 results beat estimates — WASH reported $0.83 EPS vs. $0.75 consensus and revenue above estimates, driving the immediate positive reaction. Read More.
• Positive Sentiment: Swing to profit and balance-sheet restructuring highlighted — company reported a return to quarterly profit ($52.2M reported in coverage) after restructuring and strategic shifts, which supports improved fundamentals. Read More.
• Positive Sentiment: Zacks Rank upgrade and multiple “Strong Buy” listings — WASH was added to Zacks Rank #1 and to growth, value and income-focused Strong Buy lists, increasing buy-side visibility. Read More.
• Positive Sentiment: Management set targets for 5% loan growth and margin expansion via new commercial hires — this guidance supports revenue and net interest margin improvement assumptions. Read More.
• Neutral Sentiment: Detailed earnings call transcript available — useful for investors wanting color on drivers (credit, expenses, capital actions) but not a standalone catalyst. Read More.
• Negative Sentiment: Keefe, Bruyette & Woods raised target to $34 but kept a “market perform” rating — the $34 target implies limited upside (roughly flat to slightly below current levels), which tempers the bullish momentum. Read More.

Washington Trust Bancorp Company Profile

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.