Washington Trust Bancorp (NASDAQ:WASH) Stock Price Crosses Above 200-Day Moving Average – Should You Sell?

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s share price crossed 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 changing hands.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. Piper Sandler dropped their price objective on shares of Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating for the company in a report on Thursday, October 9th. Finally, Keefe, Bruyette & Woods upped their target price on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.33.

Washington Trust Bancorp Stock Up 0.1%

The stock has a market cap of $575.09 million, a PE ratio of -19.01, a price-to-earnings-growth ratio of 0.98 and a beta of 0.89. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.53. The firm has a fifty day moving average of $28.65 and a 200 day moving average of $28.57.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, October 20th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $56.47 million during the quarter, compared to analysts’ expectations of $56.39 million. During the same period in the prior year, the firm posted $0.64 EPS. On average, equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 14th. Investors 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 annualized dividend and a dividend yield of 7.4%. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently -140.88%.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors have recently added to or reduced their stakes in the business. Ieq Capital LLC purchased a new stake in shares of Washington Trust Bancorp in the first quarter valued at approximately $725,000. Rafferty Asset Management LLC raised its stake in shares of Washington Trust Bancorp by 54.0% during the 1st quarter. Rafferty Asset Management LLC now owns 29,474 shares of the financial services provider’s stock worth $910,000 after buying an additional 10,340 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Washington Trust Bancorp in the 1st quarter worth about $2,944,000. Wellington Management Group LLP grew its stake in Washington Trust Bancorp by 9.0% in the 1st quarter. Wellington Management Group LLP now owns 168,800 shares of the financial services provider’s stock valued at $5,209,000 after acquiring an additional 14,000 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in Washington Trust Bancorp by 18.4% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 73,332 shares of the financial services provider’s stock valued at $2,074,000 after acquiring an additional 11,388 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.