Washington Trust Bancorp (NASDAQ:WASH) Reaches New 52-Week High - Here's What Happened

Key Points

• Washington Trust Bancorp shares reached a new 52-week high, trading as high as $40.54 and closing near $40.41, up about 2%.
• The company reported quarterly EPS of $0.83, beating the $0.77 consensus estimate, while revenue of $60.47 million also exceeded expectations.
• Analyst sentiment remains cautious, with an overall “Hold” rating and an average price target of $35.50, despite the company’s quarterly dividend of $0.56 per share, yielding approximately 5.5%.

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) hit a new 52-week high during trading on Friday . The stock traded as high as $40.54 and last traded at $40.41, with a volume of 28084 shares. The stock had previously closed at $39.75.

Analysts Set New Price Targets

Several analysts recently weighed in on WASH shares. Keefe, Bruyette & Woods lifted their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a report on Wednesday, July 22nd. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Seaport Research Partners lowered Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 22nd. Piper Sandler raised their target price on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, Zacks Research raised Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $35.50.

Washington Trust Bancorp Stock Up 2.0%

The firm's fifty day simple moving average is $38.23 and its 200 day simple moving average is $35.12. The company has a market cap of $773.07 million, a price-to-earnings ratio of 14.07, a PEG ratio of 0.90 and a beta of 0.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.86.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. The business had revenue of $60.47 million during the quarter, compared to analysts' expectations of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.18%. Sell-side analysts predict that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend was Wednesday, July 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is 77.78%.

Institutional Trading of Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its position in shares of Washington Trust Bancorp by 114.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock valued at $30,000 after buying an additional 542 shares during the last quarter. Allworth Financial LP acquired a new position in Washington Trust Bancorp in the second quarter valued at $50,000. Federated Hermes Inc. boosted its stake 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 in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Washington Trust Bancorp by 200.8% during the second 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 last quarter. Finally, Russell Investments Group Ltd. grew its holdings in shares of Washington Trust Bancorp by 367.2% during the third 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 during the last quarter. Institutional investors and hedge funds 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.

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