Washington Trust Bancorp (NASDAQ:WASH) Hits New 12-Month High – Here’s What Happened

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $36.97 and last traded at $36.57, with a volume of 145487 shares traded. The stock had previously closed at $35.72.

Wall Street Analyst Weigh In

WASH has been the topic of a number of recent research reports. Zacks Research upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 29th. Piper Sandler set a $32.00 price target on Washington Trust Bancorp in a report on Thursday, January 29th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods increased their target price on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $31.33.

Washington Trust Bancorp Stock Up 1.1%

The company has a market cap of $699.35 million, a P/E ratio of 13.61, a price-to-earnings-growth ratio of 0.76 and a beta of 0.86. The company has a debt-to-equity ratio of 1.53, a quick ratio of 1.01 and a current ratio of 1.02. The business’s fifty day moving average is $30.86 and its two-hundred day moving average is $29.18.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.08. The firm had revenue of $59.25 million during the quarter, compared to the consensus estimate of $56.38 million. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.83%. Equities analysts predict that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 14th. Stockholders of record on Friday, January 2nd were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.1%. Washington Trust Bancorp’s dividend payout ratio is presently 82.96%.

Institutional Trading of Washington Trust Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. increased its position in Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 420 shares during the period. Signaturefd LLC boosted its stake in shares of Washington Trust Bancorp by 14.0% during the fourth quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider’s stock valued at $116,000 after purchasing an additional 481 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Washington Trust Bancorp by 11.7% during the third quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 526 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after buying an additional 542 shares during the period. Finally, CWM LLC raised its stake in Washington Trust Bancorp by 6.2% in the second quarter. CWM LLC now owns 12,501 shares of the financial services provider’s stock worth $354,000 after buying an additional 734 shares in 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.