Washington Trust Bancorp (NASDAQ:WASH) Reaches New 52-Week High - Should You Buy?

Key Points

• Washington Trust Bancorp hit a 52-week high of $40.90, up from its previous close of $39.19.
• The bank beat quarterly expectations, reporting earnings of $1.01 per share versus the $0.87 consensus and revenue of $64.96 million versus estimates of $62.62 million.
• Analysts give the stock a consensus “Moderate Buy” rating, but their average $37 price target is below its recent trading price. The company’s quarterly dividend of $0.56 per share equates to a 5.6% yield.

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

Analyst Ratings Changes

Several equities analysts recently commented on WASH shares. Seaport Research Partners downgraded Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note 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. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Zacks Research upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 19th. Finally, Keefe, Bruyette & Woods upped their price target on Washington Trust Bancorp from $36.00 to $39.00 and gave the company a "market perform" rating in a research report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Washington Trust Bancorp Stock Up 2.9%

The stock has a market capitalization of $769.07 million, a P/E ratio of 12.10, a price-to-earnings-growth 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 stock has a fifty day moving average price of $38.73 and a 200 day moving average price of $35.70.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its earnings results on Monday, October 19th. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $0.14. Washington Trust Bancorp had a return on equity of 11.67% and a net margin of 16.73%. The business had revenue of $64.96 million during the quarter, compared to analyst estimates of $62.62 million. On average, research analysts forecast that Washington Trust Bancorp, Inc. will post 3.34 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date was Thursday, October 1st. Washington Trust Bancorp's payout ratio is 67.27%.

Insider Buying and Selling at Washington Trust Bancorp

In other news, Director Edwin Santos sold 1,200 shares of the company's stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $39.25, for a total value of $47,100.00. Following the sale, the director directly owned 9,110 shares of the company's stock, valued at $357,567.50. This represents a 11.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in shares of Washington Trust Bancorp by 107.8% during the third 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. State of Alaska Department of Revenue bought a new stake in shares of Washington Trust Bancorp during the third quarter valued at approximately $27,000. Hennion & Walsh Asset Management Inc. increased its position in shares of Washington Trust Bancorp by 8.8% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 9,168 shares of the financial services provider's stock valued at $334,000 after acquiring an additional 740 shares in the last quarter. Rockland Trust Co. raised its holdings in Washington Trust Bancorp by 3.0% in the 2nd quarter. Rockland Trust Co. now owns 26,527 shares of the financial services provider's stock worth $968,000 after acquiring an additional 770 shares during the last quarter. Finally, Allworth Financial LP raised its holdings in Washington Trust Bancorp by 185.1% in the 2nd quarter. Allworth Financial LP now owns 1,380 shares of the financial services provider's stock worth $50,000 after acquiring an additional 896 shares during the last quarter. 65.81% of the stock is owned by hedge funds and other institutional investors.

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.

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