Washington Trust Bancorp (NASDAQ:WASH) Sets New 12-Month High - Here's Why

Key Points

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Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $40.03 and last traded at $40.01, with a volume of 14517 shares. The stock had previously closed at $39.61.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Zacks Research raised shares of Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research report 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. 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. Seaport Research Partners lowered shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a report on Wednesday, July 22nd. Finally, Piper Sandler upped their price objective 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. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $35.50.

Washington Trust Bancorp Stock Up 1.3%

The company has a market capitalization of $764.99 million, a PE ratio of 13.94, a PEG ratio of 0.89 and a beta of 0.72. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09. The business has a fifty day moving average of $35.75 and a 200 day moving average of $34.11.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $59.91 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. Equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 3.2 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend 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 presently 77.78%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its position in shares of Washington Trust Bancorp by 114.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after acquiring an additional 542 shares during the period. State of Wyoming purchased a new position in Washington Trust Bancorp in the first quarter valued at $70,000. Federated Hermes Inc. boosted its holdings 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 purchasing an additional 420 shares during the period. Tower Research Capital LLC TRC boosted 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 purchasing an additional 1,578 shares during the period. Finally, Russell Investments Group Ltd. grew its stake in Washington Trust Bancorp by 367.2% during the 3rd 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 in the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

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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