Washington Trust Bancorp (WASH) Upgraded to “Sell” at BidaskClub
BidaskClub upgraded shares of Washington Trust Bancorp (NASDAQ:WASH) from a strong sell rating to a sell rating in a research note released on Thursday.
Separately, Sandler O’Neill raised shares of Washington Trust Bancorp from a hold rating to a buy rating and set a $63.00 price objective on the stock in a research report on Thursday, October 4th.
WASH opened at $51.69 on Thursday. The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.06 and a current ratio of 1.06. Washington Trust Bancorp has a fifty-two week low of $50.00 and a fifty-two week high of $63.25. The stock has a market cap of $893.98 million, a P/E ratio of 13.71 and a beta of 0.66.
In other news, EVP James M. Hagerty sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The shares were sold at an average price of $60.28, for a total value of $60,280.00. Following the sale, the executive vice president now owns 8,732 shares of the company’s stock, valued at $526,364.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Katherine W. Hoxsie sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $59.02, for a total transaction of $88,530.00. Following the completion of the sale, the director now directly owns 25,422 shares in the company, valued at approximately $1,500,406.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,500 shares of company stock worth $200,740. Insiders own 2.33% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of WASH. Tower Research Capital LLC TRC raised its position in shares of Washington Trust Bancorp by 1,740.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,553 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 3,360 shares during the period. Lehman Financial Resources Inc. bought a new stake in shares of Washington Trust Bancorp in the third quarter valued at approximately $221,000. First Hawaiian Bank bought a new stake in shares of Washington Trust Bancorp in the third quarter valued at approximately $257,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Washington Trust Bancorp in the second quarter valued at approximately $319,000. Finally, Legal & General Group Plc raised its position in shares of Washington Trust Bancorp by 24.6% in the first quarter. Legal & General Group Plc now owns 6,691 shares of the financial services provider’s stock valued at $360,000 after purchasing an additional 1,321 shares during the period. 57.65% of the stock is currently owned by institutional investors.
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 products and 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; 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: Fundamental Analysis
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