Washington Trust Bancorp (NASDAQ:WASH) Shares Pass Above 200-Day Moving Average – Here’s Why

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 $28.32 and traded as high as $28.63. Washington Trust Bancorp shares last traded at $28.35, with a volume of 40,246 shares traded.

Analyst Ratings Changes

A number of research firms recently issued reports on WASH. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. Piper Sandler reduced their target price on shares of Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a report on Thursday, October 9th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Washington Trust Bancorp presently has a consensus rating of “Hold” and an average target price of $28.33.

Washington Trust Bancorp Stock Down 0.8%

The company’s 50 day moving average is $27.83 and its 200 day moving average is $28.31. The company has a market cap of $539.64 million, a PE ratio of -17.83, a P/E/G ratio of 0.87 and a beta of 0.95. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, October 20th. The financial services provider reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.10. The business had revenue of $56.47 million for the quarter, compared to analyst estimates of $56.39 million. Washington Trust Bancorp had a negative net margin of 6.22% and a positive return on equity of 8.97%. During the same period last year, the company posted $0.64 earnings per share. As a group, analysts predict that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 7.9%. Washington Trust Bancorp’s payout ratio is -140.88%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Washington Trust Bancorp in the third quarter valued at about $27,000. AlphaQuest LLC purchased a new position in Washington Trust Bancorp during the 2nd quarter valued at about $33,000. Ransom Advisory Ltd bought a new stake in shares of Washington Trust Bancorp in the 1st quarter valued at about $40,000. Federated Hermes Inc. purchased a new stake in shares of Washington Trust Bancorp in the 1st quarter worth approximately $53,000. Finally, Tower Research Capital LLC TRC lifted its position 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 purchasing an additional 1,578 shares during the period. Institutional investors own 65.81% of the company’s stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.