Washington Trust Bancorp (NASDAQ:WASH) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $28.46 and traded as high as $31.48. Washington Trust Bancorp shares last traded at $31.26, with a volume of 104,413 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Keefe, Bruyette & Woods boosted their target price on Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 22nd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. Finally, Piper Sandler lowered their price objective on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating for the company in a research report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Washington Trust Bancorp currently has an average rating of “Hold” and an average price target of $28.33.

Washington Trust Bancorp Price Performance

The stock has a fifty day simple moving average of $28.26 and a 200-day simple moving average of $28.48. The company has a market capitalization of $580.80 million, a PE ratio of -19.19, a P/E/G ratio of 1.02 and a beta of 0.89. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.53.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, October 20th. The financial services provider reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.10. The business had revenue of $56.47 million for the quarter, compared to the consensus estimate of $56.39 million. Washington Trust Bancorp had a positive return on equity of 8.90% and a negative net margin of 6.22%.During the same quarter in the prior year, the business posted $0.64 EPS. Equities analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 14th. Shareholders of record on Friday, January 2nd will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Friday, January 2nd. This represents a $2.24 dividend on an annualized basis and a yield of 7.3%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently -140.88%.

Institutional Trading of Washington Trust Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. increased its position in Washington Trust Bancorp by 39.3% in the 1st quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider’s stock valued at $9,118,000 after acquiring an additional 83,311 shares during the period. Ieq Capital LLC purchased a new position in shares of Washington Trust Bancorp in the 1st quarter valued at approximately $725,000. Rafferty Asset Management LLC increased its holdings in shares of Washington Trust Bancorp by 54.0% in the first quarter. Rafferty Asset Management LLC now owns 29,474 shares of the financial services provider’s stock valued at $910,000 after purchasing an additional 10,340 shares during the period. Nuveen LLC acquired a new position in shares of Washington Trust Bancorp in the first quarter valued at approximately $2,944,000. Finally, Vanguard Group Inc. raised its stake in shares of Washington Trust Bancorp by 8.3% during the first quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider’s stock worth $34,545,000 after purchasing an additional 86,062 shares during the last quarter. 65.81% of the stock is owned by hedge funds and other institutional investors.

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.