Webster rating up, Wash Trust’s down

PROVIDENCE – Publicly traded Washington Trust Bancorp received a downgrade from an analyst, while Webster Financial was upgraded by a separate analyst.
The rating actions came before the fourth-quarter and year-end earnings reports that are due to be released by publicly traded banks later this month.
On Dec. 30, the equities research firm Zacks Investment Research dropped Washington Trust Bancorp, parent of Westerly-based bank The Washington Trust Co., from “outperform” to “neutral.” The company’s share prices have ranged from $14.50 to $23 over the last 52 weeks, climbing from $18.98 to $23 in the last three months.
On Jan. 5, the investment banking group Jefferies upgraded Waterbury, Conn.-based Webster Financial, the holding company for Webster Bank, from “hold” to “buy” after the company raised enough capital – $153 million – to exit the federal government’s Troubled Asset Relief Program.
Over the past 52 weeks, the stock’s price has ranged from $12.17 to $22.68. Jefferies raised its target price from $19 to $23.
Meanwhile, Zacks reaffirmed its “neutral” rating on shares of Bancorp Rhode Island, the parent of Bank Rhode Island, in a research note to clients and investors on Jan. 3.