Washington Trust Bancorp (NASDAQ:WASH) Stock Price Breaks Above 50-Day Moving Average – Here’s What Happened

Washington Trust Bancorp, Inc. (NASDAQ:WASH) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $38.74 and traded as high as $40.16. Washington Trust Bancorp shares last traded at $39.90, with a volume of 140,823 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WASH. Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. Zacks Research upgraded shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 19th. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Washington Trust Bancorp in a report on Wednesday, September 2nd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Washington Trust Bancorp from $36.00 to $39.00 and gave the company a “market perform” rating in a research note on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Washington Trust Bancorp Stock Up 3.4%

The company has a 50 day moving average of $38.74 and a 200-day moving average of $35.65. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $760.89 million, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 0.83 and a beta of 0.73.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.14. The company had revenue of $64.96 million for the quarter, compared to analysts’ expectations of $62.62 million. Washington Trust Bancorp had a net margin of 16.73% and a return on equity of 11.67%. On average, equities analysts predict that Washington Trust Bancorp, Inc. will post 3.34 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Thursday, October 1st. Washington Trust Bancorp’s payout ratio is currently 67.27%.

Insider Activity at Washington Trust Bancorp

In other news, Director Edwin Santos sold 1,200 shares of the firm’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $39.25, for a total transaction of $47,100.00. Following the sale, the director owned 9,110 shares in the company, valued at approximately $357,567.50. This trade represents a 11.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Washington Trust Bancorp

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of Washington Trust Bancorp by 107.8% in the 3rd quarter. GAMMA Investing LLC now owns 802 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 416 shares in the last quarter. State of Alaska Department of Revenue bought a new position in shares of Washington Trust Bancorp during the 3rd quarter valued at about $27,000. Hennion & Walsh Asset Management Inc. increased its position in shares of Washington Trust Bancorp by 8.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 9,168 shares of the financial services provider’s stock valued at $334,000 after purchasing an additional 740 shares during the last quarter. Rockland Trust Co. raised its holdings in shares of Washington Trust Bancorp by 3.0% during the 2nd quarter. Rockland Trust Co. now owns 26,527 shares of the financial services provider’s stock valued at $968,000 after buying an additional 770 shares in the last quarter. Finally, Allworth Financial LP lifted its position in Washington Trust Bancorp by 185.1% in the 2nd quarter. Allworth Financial LP now owns 1,380 shares of the financial services provider’s stock worth $50,000 after buying an additional 896 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community-focused financial institution headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States.

The company provides commercial, small-business, residential mortgage and consumer banking services. Its offerings include deposit accounts, commercial and consumer loans, residential mortgages, cash-management services, online and mobile banking, and other financial services for individuals, families and businesses.

Washington Trust also operates a wealth-management business that provides investment management, financial planning, trust administration, estate planning and related services.