Washington Trust Bancorp (NASDAQ:WASH) Shares Cross Above Two Hundred Day Moving Average – Time to Sell?

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $32.80 and traded as high as $37.02. Washington Trust Bancorp shares last traded at $36.89, with a volume of 575,709 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Zacks Research cut Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Wall Street Zen cut shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. Piper Sandler raised their price objective on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $34.50.

Washington Trust Bancorp Stock Performance

The company has a market capitalization of $703.49 million, a price-to-earnings ratio of 13.51, a PEG ratio of 0.87 and a beta of 0.74. 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 stock has a 50 day simple moving average of $33.08 and a two-hundred day simple moving average of $32.80.

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). Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%.The business had revenue of $57.83 million for the quarter, compared to analyst estimates of $58.24 million. As a group, analysts anticipate 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 announced a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Wednesday, July 1st will be paid a dividend of $0.56 per share. The ex-dividend date is Wednesday, July 1st. This represents a $2.24 annualized dividend and a yield of 6.1%. Washington Trust Bancorp’s payout ratio is presently 82.05%.

Insiders Place Their Bets

In related news, CEO Edward O. Handy III acquired 3,195 shares of the business’s stock in a transaction on Monday, April 27th. The shares were bought at an average price of $31.32 per share, with a total value of $100,067.40. Following the completion of the acquisition, the chief executive officer owned 51,442 shares in the company, valued at $1,611,163.44. This trade represents a 6.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Ronald S. Ohsberg acquired 1,606 shares of Washington Trust Bancorp stock in a transaction dated Friday, April 24th. The shares were bought at an average price of $31.00 per share, with a total value of $49,786.00. Following the transaction, the chief financial officer directly owned 29,705 shares in the company, valued at approximately $920,855. The trade was a 5.72% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 36,801 shares of company stock valued at $1,147,293. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in Washington Trust Bancorp by 35.5% during 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 acquiring an additional 27,080 shares in the last quarter. Amundi acquired a new position in Washington Trust Bancorp in the first quarter valued at $204,000. Empowered Funds LLC boosted its stake in Washington Trust Bancorp by 556.6% in the first quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider’s stock valued at $2,225,000 after acquiring an additional 57,329 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of Washington Trust Bancorp by 20.8% during the first 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 during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Washington Trust Bancorp by 108.6% during the first 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 during 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.