Washington Trust Bancorp (NASDAQ:WASH) Sets New 52-Week High – Should You Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $37.13 and last traded at $37.1340, with a volume of 14343 shares trading hands. The stock had previously closed at $36.27.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Zacks Research cut Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Weiss Ratings raised Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday. Finally, Piper Sandler raised their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $34.50.

Washington Trust Bancorp Trading Up 3.2%

The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99. The firm has a market cap of $713.60 million, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 0.86 and a beta of 0.72. The business’s fifty day moving average is $34.03 and its 200-day moving average is $33.31.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). The business had revenue of $57.83 million for the quarter, compared to analyst estimates of $58.24 million. Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%. Analysts predict that Washington Trust Bancorp, Inc. will post 3.07 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is 82.05%.

Insider Buying and Selling

In other news, CEO Edward O. Handy III purchased 3,195 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were purchased at an average price of $31.32 per share, for a total transaction of $100,067.40. Following the transaction, the chief executive officer owned 51,442 shares of the company’s stock, valued at approximately $1,611,163.44. This trade represents a 6.62% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Ronald S. Ohsberg acquired 1,606 shares of the firm’s stock in a transaction dated Friday, April 24th. The shares were purchased at an average price of $31.00 per share, with a total value of $49,786.00. Following the completion of the transaction, the chief financial officer owned 29,705 shares of the company’s stock, valued at $920,855. This trade represents a 5.72% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 36,801 shares of company stock valued at $1,147,293 in the last ninety days. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Washington Trust Bancorp by 0.7% during the third quarter. Vanguard Group Inc. now owns 1,140,227 shares of the financial services provider’s stock worth $32,953,000 after purchasing an additional 7,641 shares during the period. Franklin Resources Inc. lifted its stake in Washington Trust Bancorp by 13.2% in the fourth quarter. Franklin Resources Inc. now owns 634,333 shares of the financial services provider’s stock valued at $18,745,000 after buying an additional 74,145 shares during the period. Invesco Ltd. boosted its holdings in shares of Washington Trust Bancorp by 3.0% during the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock worth $8,608,000 after buying an additional 8,938 shares in the last quarter. Drexel Morgan & Co. boosted its holdings in shares of Washington Trust Bancorp by 19.9% during the 4th quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider’s stock worth $8,889,000 after buying an additional 50,000 shares in the last quarter. Finally, First Horizon Corp acquired a new stake in shares of Washington Trust Bancorp during the 1st quarter worth approximately $9,912,000. 65.81% of the stock is owned by institutional investors.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.