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 of $40.26, trading around $40.11 after closing at $39.34.
• Analyst sentiment remains cautious: the stock carries an average “Hold” rating and a $35.50 average price target, below its current market price.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.83 versus the $0.77 consensus and revenue of $60.47 million. It also maintains a quarterly dividend of $0.56 per share, equivalent to a 5.6% annualized yield.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $40.26 and last traded at $40.11, with a volume of 33502 shares. The stock had previously closed at $39.34.

Analysts Set New Price Targets

WASH has been the subject of several recent research reports. Zacks Research raised Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 23rd. Wall Street Zen upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Piper Sandler boosted their target price on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Keefe, Bruyette & Woods upped their price target on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, June 5th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $35.50.

Washington Trust Bancorp Price Performance

The stock has a market cap of $764.33 million, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 0.89 and a beta of 0.72. The business has a 50-day simple moving average of $36.71 and a 200 day simple moving average of $34.53. 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 issued its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.77 by $0.06. The company had revenue of $60.47 million during the quarter, compared to the consensus estimate of $59.91 million. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%. On average, analysts forecast that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were given 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 of this dividend was Wednesday, July 1st. Washington Trust Bancorp's dividend payout ratio is currently 77.78%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at $166,000. EP Wealth Advisors LLC bought a new position in Washington Trust Bancorp during the second quarter worth $245,000. Ieq Capital LLC acquired a new position in Washington Trust Bancorp in the second quarter valued at $1,344,000. Allworth Financial LP acquired a new position in Washington Trust Bancorp in the second quarter valued at $50,000. Finally, Mystic Asset Management Inc. acquired a new position in Washington Trust Bancorp in the second quarter valued at $327,000. 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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