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

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s stock price hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $40.90 and last traded at $40.2770, with a volume of 10,604 shares changing hands. The stock had previously closed at $39.19.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, September 2nd. Wall Street Zen upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Seaport Research Partners lowered Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 22nd. Zacks Research upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, October 19th. Finally, Keefe, Bruyette & Woods boosted their target price on Washington Trust Bancorp from $36.00 to $39.00 and gave the company a “market perform” rating in a research report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $37.00.

Washington Trust Bancorp Trading Up 2.9%

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $769.07 million, a P/E ratio of 12.10, a price-to-earnings-growth ratio of 0.83 and a beta of 0.73. The company has a 50-day moving average price of $38.73 and a 200 day moving average price of $35.70.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 19th. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.14. Washington Trust Bancorp had a net margin of 16.73% and a return on equity of 11.67%. The firm had revenue of $64.96 million during the quarter, compared to analyst estimates of $62.62 million. On average, research analysts forecast that Washington Trust Bancorp, Inc. will post 3.34 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

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

Insider Transactions at Washington Trust Bancorp

In related news, Director Edwin Santos sold 1,200 shares of the company’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $39.25, for a total transaction of $47,100.00. Following the completion of the transaction, the director owned 9,110 shares in the company, valued at $357,567.50. This represents a 11.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds have recently modified their holdings of WASH. BlackRock Inc. acquired a new position in Washington Trust Bancorp during the second quarter worth about $81,558,000. The Manufacturers Life Insurance Company acquired a new stake in Washington Trust Bancorp in the 2nd quarter valued at about $10,556,000. First Horizon Corp acquired a new stake in Washington Trust Bancorp in the 1st quarter valued at about $9,912,000. Basswood Capital Management L.L.C. purchased a new position in Washington Trust Bancorp in the 2nd quarter worth approximately $6,712,000. Finally, Bank of New York Mellon Corp purchased a new position in Washington Trust Bancorp in the 2nd quarter worth approximately $5,466,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

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.