Washington Trust Bancorp (NASDAQ:WASH) Stock Passes Above 200-Day Moving Average – What’s Next?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $28.77 and traded as high as $30.10. Washington Trust Bancorp shares last traded at $30.09, with a volume of 113,152 shares.

Analyst Ratings Changes

WASH has been the topic of several analyst reports. Piper Sandler decreased their price target on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a research report on Thursday, October 9th. Keefe, Bruyette & Woods increased 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. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $28.33.

Washington Trust Bancorp Price Performance

The business’s 50 day moving average is $29.21 and its two-hundred day moving average is $28.77. The firm has a market capitalization of $572.61 million, a PE ratio of -18.92, a P/E/G ratio of 0.66 and a beta of 0.86. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.02 and a quick ratio of 1.01.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, October 20th. The financial services provider reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.10. The business had revenue of $56.47 million during the quarter, compared to analysts’ expectations of $56.39 million. Washington Trust Bancorp had a negative net margin of 6.22% and a positive return on equity of 8.90%. During the same quarter in the previous year, the company earned $0.64 EPS. As a group, research 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 announced a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date of this dividend was Friday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is currently -140.88%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Washington Trust Bancorp by 17.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock valued at $350,000 after buying an additional 1,708 shares in the last quarter. Brown Lisle Cummings Inc. boosted its stake in Washington Trust Bancorp by 9.3% in the second quarter. Brown Lisle Cummings Inc. now owns 33,438 shares of the financial services provider’s stock worth $946,000 after buying an additional 2,839 shares in the last quarter. Barrett & Company Inc. grew its position in Washington Trust Bancorp by 10.1% during the second quarter. Barrett & Company Inc. now owns 5,646 shares of the financial services provider’s stock valued at $160,000 after acquiring an additional 518 shares during the last quarter. CWM LLC raised its stake in shares of Washington Trust Bancorp by 6.2% during the second quarter. CWM LLC now owns 12,501 shares of the financial services provider’s stock worth $354,000 after acquiring an additional 734 shares in the last quarter. Finally, AlphaQuest LLC bought a new stake in shares of Washington Trust Bancorp in the 2nd quarter worth approximately $33,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

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.