Washington Trust downgraded to Neutral from Buy at Seaport Research

Seaport Research analyst Laurie Havener Hunsicker downgraded Washington Trust to Neutral from Buy and removed the firm’s prior price target as shares have risen 31.2% since October 26, when the firm had last published a note, and have now eclipsed the firm’s previous target. Washington Trust is a “best of breed bank yielding 7.4%,” but it now trades at a premium on a price to tangible book and price to earnings basis relative to New England bank peers, the analyst tells investors.