Washington Trust Bancorp (NASDAQ:WASH) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.32 and traded as high as $28.63. Washington Trust Bancorp shares last traded at $28.35, with a volume of 40,246 shares traded.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on WASH. Piper Sandler decreased their price objective on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating for the company in a report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $28.33.

Washington Trust Bancorp Stock Down 0.8%

The company has a debt-to-equity ratio of 1.94, a current ratio of 1.05 and a quick ratio of 1.04. The firm has a 50-day moving average of $27.83 and a 200 day moving average of $28.32. The stock has a market capitalization of $539.64 million, a price-to-earnings ratio of -17.83, a PEG ratio of 0.87 and a beta of 0.95.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, October 20th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.10. The company had revenue of $56.47 million for the quarter, compared to analysts’ expectations of $56.39 million. Washington Trust Bancorp had a positive return on equity of 8.97% and a negative net margin of 6.22%.During the same quarter in the prior year, the business posted $0.64 EPS. As a group, sell-side analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 7.9%. The ex-dividend date of this dividend was Wednesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is -140.88%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WASH. Verition Fund Management LLC lifted its stake in Washington Trust Bancorp by 19.3% in the 3rd quarter. Verition Fund Management LLC now owns 22,914 shares of the financial services provider’s stock valued at $662,000 after purchasing an additional 3,701 shares during the last quarter. Qube Research & Technologies Ltd increased its position in Washington Trust Bancorp by 173.8% during the third quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider’s stock worth $2,554,000 after buying an additional 56,102 shares during the last quarter. Focus Partners Wealth raised its stake in Washington Trust Bancorp by 13.7% in the third quarter. Focus Partners Wealth now owns 8,861 shares of the financial services provider’s stock valued at $256,000 after buying an additional 1,069 shares during the period. Bank of America Corp DE lifted its position in shares of Washington Trust Bancorp by 17.1% in the third quarter. Bank of America Corp DE now owns 75,644 shares of the financial services provider’s stock valued at $2,186,000 after buying an additional 11,072 shares during the last quarter. Finally, Aquatic Capital Management LLC boosted its stake in shares of Washington Trust Bancorp by 495.1% during the 3rd quarter. Aquatic Capital Management LLC now owns 10,546 shares of the financial services provider’s stock worth $305,000 after acquiring an additional 8,774 shares during the period. 65.81% of the stock is currently owned by institutional investors and hedge funds.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.