Washington Trust Bancorp (NASDAQ:WASH) Reaches New 52-Week High – What’s Next?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares hit a new 52-week high on Wednesday. The company traded as high as $40.90 and last traded at $40.2770, with a volume of 10,604 shares trading hands. The stock had previously closed at $39.19.

Analysts Set New Price Targets

A number of analysts have recently commented on WASH shares. Keefe, Bruyette & Woods upped their price objective on Washington Trust Bancorp from $36.00 to $39.00 and gave the stock a “market perform” rating in a report on Wednesday, October 21st. Wall Street Zen raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Seaport Research Partners cut Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday, July 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, September 2nd. Finally, Zacks Research raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Washington Trust Bancorp Trading Down 4.0%

The stock has a market capitalization of $737.44 million, a price-to-earnings ratio of 11.61, a PEG ratio of 0.83 and a beta of 0.73. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.97. The business’s 50-day simple moving average is $38.72 and its two-hundred day simple moving average is $35.79.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.14. Washington Trust Bancorp had a net margin of 16.73% and a return on equity of 11.67%. The company had revenue of $64.96 million during the quarter, compared to analyst estimates of $62.62 million. On average, research analysts anticipate that Washington Trust Bancorp, Inc. will post 3.36 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date of this dividend was Thursday, October 1st. Washington Trust Bancorp’s dividend payout ratio is 67.27%.

Insider Transactions at Washington Trust Bancorp

In other Washington Trust Bancorp news, Director Edwin Santos sold 1,200 shares of the firm’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $39.25, for a total value of $47,100.00. Following the transaction, the director directly owned 9,110 shares of the company’s stock, valued at $357,567.50. This trade represents a 11.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Washington Trust Bancorp

Large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue acquired a new position in Washington Trust Bancorp in the 3rd quarter worth $27,000. GAMMA Investing LLC boosted its position in Washington Trust Bancorp by 107.8% in the 3rd quarter. GAMMA Investing LLC now owns 802 shares of the financial services provider’s stock valued at $30,000 after buying an additional 416 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of Washington Trust Bancorp during the second quarter valued at about $50,000. State of Wyoming acquired a new stake in shares of Washington Trust Bancorp during the first quarter valued at about $70,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Washington Trust Bancorp during the second quarter valued at about $121,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community-focused financial institution headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States.

The company provides commercial, small-business, residential mortgage and consumer banking services. Its offerings include deposit accounts, commercial and consumer loans, residential mortgages, cash-management services, online and mobile banking, and other financial services for individuals, families and businesses.

Washington Trust also operates a wealth-management business that provides investment management, financial planning, trust administration, estate planning and related services.