Two local banks upgraded by analysts

PROVIDENCE – Two publicly traded community banks with a presence in the region have received upgrades from analysts recently.
The firm of Stifel Nicolaus, which initiated coverage of Westerly-based Washington Trust Bancorp Inc. (Nasdaq: WASH) on Sept. 5, raised the bank from “sell” to “hold” on Oct. 22, two days after Washington Trust announced a 7.87 percent year-over-year decline in profits in the third quarter.
The company’s share prices have ranged from $18.43 to $27.98 over the last 52 weeks. At the close of trading Tuesday, the price stood at $20.50.
On Oct. 16, the firm of Robert W. Baird upgraded Rockland, Mass.-based Independent Bank Corp. (Nasdaq: INDB), the holding company for Rockland Trust Co., from “neutral” to “outperform.” The ratings action came before the third-quarter earnings report – released last week – that showed Independent profits rising 6.04 percent compared with a year ago. (READ MORE)
Over the past 52 weeks, the stock’s price has ranged from $20.12 to $39.17. At the end of trading yesterday, the bank’s stock price stood at $23.98 per share.
Washington Trust Bancorp Inc. (Nasdaq Global Market: WASH), based in Westerly, is the parent of The Washington Trust Co., a Rhode Island-chartered bank founded in 1800 that has offices in Rhode Island, Massachusetts and southeastern Connecticut. Additional information is available at www.washtrust.com.
Independent Bank Corp. (Nasdaq: INDB) is the parent of Rockland Trust Co., a full-service community bank serving southeastern Massachusetts, Cape Cod and parts of Rhode Island. Additional information is available at www.RocklandTrust.com.