Washington Trust Bancorp rises after Seaport Research upgrades to 'buy'

Shares of regional lender Washington Trust Bancorp WASH.O rise 3.9% to $30.59

Seaport Research upgrades WASH to "buy" from "neutral" due to its stock's recent price decline

Establishes $36 PT on WASH, which is a 22.3% upside to the stock's last close

WASH has an exceptional track record of conservative underwriting and remains a solid core holding, especially through a credit cycle - brokerage

Seaport believes WASH trading at a premium to its peers is justified, given the strength of the franchise and pristine asset quality

One of three brokerages rate the stock "buy" and two "hold"; median PT is $36, according to data compiled by LSEG

WASH stock down 2% YTD