Washington Trust Bancorp (NASDAQ:WASH) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Washington Trust Bancorp, Inc. (NASDAQ:WASH) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.94 and traded as high as $40.00. Washington Trust Bancorp shares last traded at $39.72, with a volume of 202,232 shares.

Analysts Set New Price Targets

Several equities analysts recently weighed in on WASH shares. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Seaport Research Partners downgraded shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price target on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Finally, Piper Sandler lifted their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $35.50.

Washington Trust Bancorp Stock Performance

The stock has a market capitalization of $755.35 million, a P/E ratio of 13.75, a PEG ratio of 0.90 and a beta of 0.72. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average price of $37.66 and a two-hundred day moving average price of $34.96.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. The firm had revenue of $60.47 million for the quarter, compared to analysts’ expectations of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.18%. Equities analysts expect that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 77.78%.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of WASH. EverSource Wealth Advisors LLC lifted its holdings in shares of Washington Trust Bancorp by 114.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 542 shares during the last quarter. Allworth Financial LP bought a new position in Washington Trust Bancorp in the second quarter valued at $50,000. Federated Hermes Inc. raised its position in Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 420 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after purchasing an additional 1,869 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

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.