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

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.57 and traded as high as $30.40. Washington Trust Bancorp shares last traded at $30.22, with a volume of 98,030 shares.

Analyst Ratings Changes

Several analysts have issued reports on the company. Piper Sandler cut their target price on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating for the company in a research note on Thursday, October 9th. Keefe, Bruyette & Woods boosted their price objective on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. One research 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $28.33.

Washington Trust Bancorp Stock Up 0.1%

The company has a market capitalization of $575.09 million, a P/E ratio of -19.01, a PEG ratio of 0.99 and a beta of 0.89. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.02 and a quick ratio of 1.01. The company has a 50 day moving average of $28.65 and a 200-day moving average of $28.57.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results 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. Washington Trust Bancorp had a positive return on equity of 8.90% and a negative net margin of 6.22%.The company had revenue of $56.47 million during the quarter, compared to the consensus estimate of $56.39 million. During the same quarter in the prior year, the company earned $0.64 earnings per share. As a group, equities analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 14th. Investors of record on Friday, January 2nd will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend is Friday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is presently -140.88%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Washington Trust Bancorp in the 3rd quarter worth about $27,000. AlphaQuest LLC bought a new stake in Washington Trust Bancorp during the second quarter worth about $33,000. Ransom Advisory Ltd bought a new stake in Washington Trust Bancorp during the first quarter worth about $40,000. Federated Hermes Inc. grew its holdings in Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 420 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of 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. Hedge funds and other institutional investors own 65.81% of the company’s stock.

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.