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

Washington Trust Bancorp, Inc. (NASDAQ:WASH) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.82 and traded as high as $32.68. Washington Trust Bancorp shares last traded at $32.46, with a volume of 123,263 shares.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of 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. Zacks Research cut shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Piper Sandler assumed 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 upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Weiss Ratings upgraded shares of Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $31.33.

Washington Trust Bancorp Stock Performance

The stock has a market cap of $619.01 million, a P/E ratio of 11.89, a PEG ratio of 0.77 and a beta of 0.73. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.99 and a quick ratio of 0.98. The firm’s 50-day moving average price is $32.82 and its 200-day moving average price is $31.82.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.11). The company had revenue of $57.83 million for the quarter, compared to the consensus estimate of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. Sell-side analysts expect that Washington Trust Bancorp, Inc. will post 3.09 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were given a dividend of $0.56 per share. The ex-dividend date was Wednesday, April 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.9%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.05%.

Insider Activity at Washington Trust Bancorp

In related news, EVP James Cannon Brown acquired 32,000 shares of Washington Trust Bancorp stock in a transaction dated Thursday, April 23rd. The shares were purchased at an average price of $31.17 per share, for a total transaction of $997,440.00. Following the completion of the transaction, the executive vice president directly owned 37,280 shares in the company, valued at approximately $1,162,017.60. This represents a 606.06% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Edward O. Handy III acquired 3,195 shares of Washington Trust Bancorp stock in a transaction dated Monday, April 27th. The shares were bought at an average price of $31.32 per share, for a total transaction of $100,067.40. Following the transaction, the chief executive officer owned 51,442 shares of the company’s stock, valued at approximately $1,611,163.44. The trade was a 6.62% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have bought 36,801 shares of company stock worth $1,147,293. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of WASH. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Washington Trust Bancorp in the third quarter valued at $27,000. EverSource Wealth Advisors LLC grew its holdings in shares of Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 542 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of Washington Trust Bancorp by 24.6% in the second 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 in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Washington Trust Bancorp by 200.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Washington Trust Bancorp by 367.2% in the third 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 in the last quarter. 65.81% of the stock is 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.