Guggenheim cashes in its chips on a trio of Buy calls, downgrading Washington Trust Bancorp (WASH -2.1%), Investors Bancorp (ISBC -1.7%), and S&T Bancorp (STBA -2.8%) to Neutral. The team also finds a name to upgrade, boosting Comerica (CMA -0.5%) to a Buy, noting the lender's exposure to Texas and California.
Sandler O'Neill chimes in with a couple of upgrades, lifting SVB Financial (SIVB) and Square 1 Financial (SQBK +0.5%) each to Buy. Peapack-Gladstone Financial (PGC -0.5%) is started with a Buy.
Washington Trust Bancorp (WASH) declares $0.25/share quarterly dividend, 4.2% increase from prior dividend of $0.24. Forward yield 3.61%. For shareholders of record Apr. 01. Payable Apr. 12. Ex-div date Mar. 27. (PR)
Washington Trust Bancorp (WASH) declares $0.24/share quarterly dividend, 4.34% increase from prior dividend of $0.23. Forward yield 3.66%. For shareholders of record Oct 01. Payable Oct 12. Ex-div date Sep 27. (PR)
Regional bank stocks (KRE -0.4%) are holding up under the onslaught, especially mid-caps sticking to an easier recipe of managing only a few banks or branches. Select gainers: SCBT +3.9%, CBU 2.9%, CTBI +2.2%, WASH +2%.
Washington Trust Bancorp Inc. through its subsidiaries offers financial services to individuals and businesses, including wealth management, through its offices in Rhode Island, eastern Massachusetts and southeastern Connecticut.