Washington Trust Bancorp (NASDAQ:WASH) Share Price Breaks Above Fifty Day Moving Average - Should You Sell?

Key Points

• Washington Trust Bancorp shares rose above their 50-day moving average, reaching $40.16 and last trading at $39.90, compared with a 50-day average of $38.74.
• Analyst opinions are mixed but lean positive: the stock has a “Moderate Buy” consensus rating, while the average price target is $37, below its recent trading price.
• The company exceeded quarterly expectations, reporting $1.01 EPS versus the $0.87 consensus and $64.96 million in revenue; it also offers a $0.56 quarterly dividend, equivalent to a 5.6% annualized yield.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report)'s share price passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $38.74 and traded as high as $40.16. Washington Trust Bancorp shares last traded at $39.90, with a volume of 140,823 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in 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. Zacks Research upgraded shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 19th. Wall Street Zen raised shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Keefe, Bruyette & Woods upped their price target on shares of 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. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Washington Trust Bancorp in a research report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Washington Trust Bancorp presently has an average rating of "Moderate Buy" and an average price target of $37.00.

Washington Trust Bancorp Trading Up 3.4%

The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.86. The firm has a 50-day moving average of $38.74 and a 200 day moving average of $35.65. The company has a market cap of $760.89 million, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 0.83 and a beta of 0.73.

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

Washington Trust Bancorp Dividend Announcement

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

Insider Buying and Selling

In related news, Director Edwin Santos sold 1,200 shares of the stock in a transaction on 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 in the company, valued at $357,567.50. This trade represents a 11.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. State of Alaska Department of Revenue bought a new position in shares of Washington Trust Bancorp during the 3rd quarter valued at approximately $27,000. GAMMA Investing LLC lifted its stake in Washington Trust Bancorp by 107.8% in the third quarter. GAMMA Investing LLC now owns 802 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 416 shares during the last quarter. Allworth Financial LP purchased a new position in Washington Trust Bancorp in the second quarter valued at approximately $50,000. State of Wyoming bought a new position in Washington Trust Bancorp during the first quarter valued at $70,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in Washington Trust Bancorp in the second quarter worth $121,000. 65.81% of the stock is owned by institutional investors.

About Washington Trust Bancorp

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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