Washington Trust Bancorp (NASDAQ:WASH) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Washington Trust Bancorp shares crossed above their 200-day moving average, reaching $40.00 before closing at $39.72, compared with a 200-day average of $34.94.
• The company beat quarterly earnings expectations, reporting $0.83 per share versus the $0.77 consensus, while revenue of $60.47 million also exceeded estimates.
• Analysts maintain a consensus “Hold” rating with an average price target of $35.50, while the company’s quarterly dividend of $0.56 per share implies a 5.6% annual yield.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.94 and traded as high as $40.00. Washington Trust Bancorp shares last traded at $39.72, with a volume of 202,232 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have commented on WASH shares. 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 downgraded Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods increased their target price on Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Zacks Research upgraded Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a report on Thursday, July 23rd. Finally, Piper Sandler boosted their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $35.50.

Washington Trust Bancorp Trading Up 0.0%

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 business's 50-day simple moving average is $37.57 and its two-hundred day simple moving average is $34.94. The company has a market capitalization of $757.46 million, a PE ratio of 13.79, a PEG ratio of 0.90 and a beta of 0.72.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%.The company had revenue of $60.47 million during the quarter, compared to the consensus estimate of $59.91 million. On average, 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 disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is 77.78%.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of institutional investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its stake in shares of Washington Trust Bancorp by 114.6% during 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 bought a new stake in shares of Washington Trust Bancorp in the second quarter worth $50,000. Federated Hermes Inc. increased its stake in shares of 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 worth $60,000 after buying an additional 420 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Washington Trust Bancorp by 200.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock valued at $67,000 after acquiring an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Washington Trust Bancorp by 367.2% in the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock valued at $69,000 after acquiring an additional 1,869 shares in the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

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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