Washington Trust Bancorp (NASDAQ:WASH) Sets New 12-Month High – Here’s Why

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s share price hit a new 52-week high on Tuesday . The company traded as high as $40.03 and last traded at $40.01, with a volume of 14517 shares traded. The stock had previously closed at $39.61.

Analysts Set New Price Targets

WASH has been the subject of several research analyst reports. Keefe, Bruyette & Woods boosted their target price on Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 22nd. Piper Sandler lifted their target price on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Seaport Research Partners downgraded Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday, July 22nd. Zacks Research raised Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 23rd. Finally, Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $35.50.

Washington Trust Bancorp Trading Down 1.1%

The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. The firm’s 50-day moving average price is $36.04 and its 200 day moving average price is $34.24. The company has a market capitalization of $752.69 million, a P/E ratio of 13.70, a P/E/G ratio of 0.91 and a beta of 0.72.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $60.47 million for the quarter, compared to analyst estimates of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. As a group, equities research analysts predict that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 77.78%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC lifted its stake in Washington Trust Bancorp by 114.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 542 shares in the last quarter. Federated Hermes Inc. boosted its holdings 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 worth $60,000 after acquiring an additional 420 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of Washington Trust Bancorp by 200.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 1,578 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of 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 worth $69,000 after acquiring an additional 1,869 shares in the last quarter. Finally, State of Wyoming purchased a new stake in shares of Washington Trust Bancorp in the first quarter valued at about $70,000. Institutional investors own 65.81% of the company’s stock.

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.