Washington Trust Bancorp (NASDAQ:WASH) Hits New 52-Week High – Here’s Why

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s share price reached a new 52-week high during trading on Friday . The company traded as high as $34.36 and last traded at $34.02, with a volume of 406421 shares trading hands. The stock had previously closed at $30.19.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on WASH shares. Piper Sandler set a $32.00 price target on Washington Trust Bancorp in a research note on Thursday. Keefe, Bruyette & Woods boosted their target price on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $30.00.

Washington Trust Bancorp Trading Up 12.7%

The stock has a 50-day moving average of $29.94 and a 200 day moving average of $28.89. The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.53. The stock has a market cap of $647.40 million, a PE ratio of 12.60, a price-to-earnings-growth ratio of 0.67 and a beta of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.83%. The company had revenue of $59.25 million during the quarter, compared to analyst estimates of $56.38 million. As a group, sell-side analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were given a dividend of $0.56 per share. The ex-dividend date was Friday, January 2nd. This represents a $2.24 dividend on an annualized basis and a yield of 6.6%. Washington Trust Bancorp’s payout ratio is currently -140.88%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WASH. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at about $27,000. AlphaQuest LLC purchased a new position in Washington Trust Bancorp during the second quarter valued at approximately $33,000. Federated Hermes Inc. lifted its holdings in 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 acquiring an additional 420 shares during the period. Tower Research Capital LLC TRC boosted its position in 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 purchasing an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position 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 worth $69,000 after purchasing an additional 1,869 shares in the last quarter. 65.81% of the stock is 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.