Washington Trust Bancorp (NASDAQ:WASH) Shares Pass Above 200 Day Moving Average – Should You Sell?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $30.52 and traded as high as $33.06. Washington Trust Bancorp shares last traded at $32.91, with a volume of 199,601 shares.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Piper Sandler began coverage on shares of Washington Trust Bancorp in a research note on Monday, March 16th. They set a “neutral” rating and a $32.00 target price on the stock. Wall Street Zen cut Washington Trust Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Zacks Research upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 29th. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods upped their target price on Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a “market perform” rating in a research note on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Washington Trust Bancorp presently has a consensus rating of “Hold” and a consensus price target of $31.33.

Washington Trust Bancorp Stock Performance

The stock has a market cap of $626.61 million, a price-to-earnings ratio of 12.19, a P/E/G ratio of 0.68 and a beta of 0.85. The firm’s 50-day moving average is $33.69 and its two-hundred day moving average is $30.52. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.19.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.08. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%.The company had revenue of $59.25 million for the quarter, compared to analysts’ expectations of $56.38 million. As a group, sell-side analysts expect that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Investors of record on Wednesday, April 1st will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 6.8%. The ex-dividend date is Wednesday, April 1st. Washington Trust Bancorp’s payout ratio is presently 82.96%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds have recently modified their holdings of WASH. Foster Dykema Cabot & Partners LLC purchased a new stake in Washington Trust Bancorp during the 3rd quarter valued at about $27,000. EverSource Wealth Advisors LLC grew its holdings in Washington Trust Bancorp by 114.6% in the 4th 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 in the last quarter. Federated Hermes Inc. boosted its position in shares of 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 acquiring an additional 420 shares during the last quarter. Tower Research Capital LLC TRC increased its position in 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 worth $67,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Washington Trust Bancorp by 367.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 1,869 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

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.