Washington Trust Bancorp (NASDAQ:WASH) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Washington Trust Bancorp's share price rose above its 200-day moving average of $28.62, hitting a high of $29.60 and last trading at $29.26.
• Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating, setting a target price of $28.00, while the average consensus price target stands at $29.00.
• The company announced a quarterly dividend of $0.56 per share, with a yield of 7.7%, despite a dividend payout ratio of -148.34%.

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $28.62 and traded as high as $29.60. Washington Trust Bancorp shares last traded at $29.26, with a volume of 75,054 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lowered Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 target price on the stock. in a research note on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $29.00.

Washington Trust Bancorp Trading Up 0.4%

The company has a market cap of $560.62 million, a PE ratio of -19.38, a price-to-earnings-growth ratio of 0.83 and a beta of 0.94. The business has a 50 day simple moving average of $28.86 and a two-hundred day simple moving average of $28.62. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%.The company had revenue of $54.26 million for the quarter, compared to analyst estimates of $54.07 million. During the same quarter in the prior year, the company posted $0.63 EPS. On average, analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date is Wednesday, October 1st. Washington Trust Bancorp's dividend payout ratio is presently -148.34%.

Institutional Trading of Washington Trust Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in WASH. AlphaQuest LLC acquired a new stake in shares of Washington Trust Bancorp during the 2nd quarter worth $33,000. Ransom Advisory Ltd acquired a new stake in shares of Washington Trust Bancorp during the 1st quarter worth $40,000. Federated Hermes Inc. acquired a new stake in shares of Washington Trust Bancorp during the 1st quarter worth $53,000. Tower Research Capital LLC TRC increased its holdings in shares of Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock worth $67,000 after buying an additional 1,578 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Washington Trust Bancorp by 312.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,504 shares of the financial services provider's stock worth $127,000 after buying an additional 3,412 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.