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

Key Points

• Washington Trust Bancorp shares moved above their 200-day moving average, trading as high as $32.68 and last changing hands at $32.46, a sign of short-term technical strength.
• Analyst sentiment remains mixed but cautious: the stock’s consensus rating is “Hold,” with an average price target of $31.33, after recent upgrades and downgrades from several firms.
• The company posted weaker-than-expected quarterly results, earning $0.66 per share versus the $0.77 estimate, while still paying a quarterly dividend of $0.56, equal to a 6.9% annualized yield.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.82 and traded as high as $32.68. Washington Trust Bancorp shares last traded at $32.46, with a volume of 123,263 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on WASH shares. Zacks Research cut shares of Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods upped their target price on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a "market perform" rating in a research note on Friday, January 30th. Piper Sandler started coverage on shares of Washington Trust Bancorp in a research note on Monday, March 16th. They set a "neutral" rating and a $32.00 target price on the stock. Weiss Ratings upgraded shares of Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, May 17th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Washington Trust Bancorp has an average rating of "Hold" and an average price target of $31.33.

Washington Trust Bancorp Stock Up 1.2%

The company's 50 day moving average price is $32.82 and its two-hundred day moving average price is $31.82. 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 stock has a market cap of $619.01 million, a P/E ratio of 11.89, a PEG ratio of 0.77 and a beta of 0.73.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.11). Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%.The business had revenue of $57.83 million during the quarter, compared to the consensus estimate of $58.24 million. Equities analysts forecast that Washington Trust Bancorp, Inc. will post 3.09 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.9%. The ex-dividend date was Wednesday, April 1st. Washington Trust Bancorp's dividend payout ratio is 82.05%.

Insider Buying and Selling at Washington Trust Bancorp

In other Washington Trust Bancorp news, EVP James Cannon Brown acquired 32,000 shares of the stock in a transaction dated Thursday, April 23rd. The shares were purchased at an average price of $31.17 per share, for a total transaction of $997,440.00. Following the purchase, the executive vice president directly owned 37,280 shares of the company's stock, valued at approximately $1,162,017.60. This trade represents a 606.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Ronald S. Ohsberg acquired 1,606 shares of the stock in a transaction dated Friday, April 24th. The stock was acquired at an average price of $31.00 per share, for a total transaction of $49,786.00. Following the purchase, the chief financial officer directly owned 29,705 shares in the company, valued at approximately $920,855. This trade represents a 5.72% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 36,801 shares of company stock worth $1,147,293 over the last quarter. Company insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Foster Dykema Cabot & Partners LLC bought a new stake in Washington Trust Bancorp during the 3rd quarter worth approximately $27,000. EverSource Wealth Advisors LLC raised its stake in 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 worth $30,000 after acquiring an additional 542 shares during the period. State of Wyoming bought a new stake in Washington Trust Bancorp during the 1st quarter worth approximately $70,000. Federated Hermes Inc. raised its stake in Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after acquiring an additional 420 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in 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 acquiring an additional 1,578 shares during the period. Institutional investors own 65.81% of the company's stock.

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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