Washington Trust Bancorp (NASDAQ:WASH) Stock Price Passes Above 200-Day Moving Average – Time to Sell?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $32.41 and traded as high as $36.47. Washington Trust Bancorp shares last traded at $35.18, with a volume of 189,152 shares traded.

Wall Street Analyst Weigh In

WASH has been the subject of a number of analyst reports. Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Zacks Research cut Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Piper Sandler started coverage on Washington Trust Bancorp in a research report on Monday, March 16th. They set a “neutral” rating and a $32.00 target price for the company. Finally, Wall Street Zen upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Washington Trust Bancorp presently has an average rating of “Hold” and a consensus target price of $33.00.

Washington Trust Bancorp Stock Performance

The business has a 50 day moving average of $33.02 and a 200 day moving average of $32.41. The company has a market capitalization of $670.88 million, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 0.86 and a beta of 0.74. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). The company had revenue of $57.83 million during the quarter, compared to analysts’ expectations of $58.24 million. Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%. On average, sell-side analysts predict that Washington Trust Bancorp, Inc. will post 3.09 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.4%. The ex-dividend date of this dividend was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 82.05%.

Insider Transactions at Washington Trust Bancorp

In other Washington Trust Bancorp news, EVP Rolando A. Lora sold 885 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total transaction of $27,921.75. Following the transaction, the executive vice president directly owned 11,292 shares in the company, valued at $356,262.60. This trade represents a 7.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Ronald S. Ohsberg acquired 1,606 shares of Washington Trust Bancorp stock in a transaction on Friday, April 24th. The shares were purchased at an average price of $31.00 per share, for a total transaction of $49,786.00. Following the completion of the acquisition, the chief financial officer directly owned 29,705 shares in the company, valued at $920,855. This trade represents a 5.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 36,801 shares of company stock valued at $1,147,293. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE boosted its position in shares of Washington Trust Bancorp by 35.5% in the 1st quarter. Bank of America Corp DE now owns 103,355 shares of the financial services provider’s stock worth $3,458,000 after purchasing an additional 27,080 shares in the last quarter. Amundi acquired a new stake in shares of Washington Trust Bancorp in the 1st quarter worth $204,000. Empowered Funds LLC boosted its position in shares of Washington Trust Bancorp by 556.6% in the 1st quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider’s stock worth $2,225,000 after purchasing an additional 57,329 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Washington Trust Bancorp by 20.8% in the 1st quarter. Quantinno Capital Management LP now owns 42,672 shares of the financial services provider’s stock worth $1,428,000 after purchasing an additional 7,356 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Washington Trust Bancorp by 108.6% in the 1st quarter. Renaissance Technologies LLC now owns 77,959 shares of the financial services provider’s stock worth $2,609,000 after purchasing an additional 40,591 shares in the last quarter. 65.81% of the stock is currently 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.