Washington Trust Bancorp (NASDAQ:WASH) Stock Price Crosses Above 200-Day Moving Average - Should You Sell?

Key Points

• Washington Trust Bancorp shares rose above their 200-day moving average, trading as high as $37.02 and last changing hands at $36.89, up about 1.7% on the day.
• Analyst sentiment remains mixed: the stock now has an average Hold rating with a consensus price target of $34.50, though Piper Sandler raised its target to $35 while other firms issued downgrades.
• The company reported softer-than-expected quarterly results, with earnings per share of $0.66 versus the $0.77 estimate, but it also announced a quarterly dividend of $0.56 per share, implying a 6.1% annualized yield.

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $32.80 and traded as high as $37.02. Washington Trust Bancorp shares last traded at $36.89, with a volume of 575,709 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on WASH shares. Weiss Ratings upgraded Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, June 5th. Zacks Research downgraded Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a research report on Wednesday, May 6th. Piper Sandler boosted their price objective on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, Wall Street Zen cut Washington Trust Bancorp from a "hold" rating to a "sell" rating in a report on Saturday. One research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $34.50.

Washington Trust Bancorp Stock Up 1.7%

The company has a debt-to-equity ratio of 1.09, a current ratio of 0.99 and a quick ratio of 0.98. The company has a market capitalization of $703.49 million, a PE ratio of 13.51, a P/E/G ratio of 0.87 and a beta of 0.74. The business's 50 day simple moving average is $33.08 and its 200 day simple moving average is $32.80.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings results 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). The firm had revenue of $57.83 million during the quarter, compared to analysts' expectations of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. As a group, analysts anticipate that Washington Trust Bancorp, Inc. will post 3.09 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Investors of record on Wednesday, July 1st will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 6.1%. The ex-dividend date is Wednesday, July 1st. Washington Trust Bancorp's dividend payout ratio is presently 82.05%.

Insiders Place Their Bets

In other Washington Trust Bancorp news, CEO Edward O. Handy III purchased 3,195 shares of the firm's stock in a transaction dated Monday, April 27th. The shares were acquired at an average price of $31.32 per share, with a total value of $100,067.40. Following the purchase, the chief executive officer directly owned 51,442 shares in the company, valued at approximately $1,611,163.44. This trade represents a 6.62% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP James Cannon Brown purchased 32,000 shares of the firm's stock in a transaction dated Thursday, April 23rd. The stock was acquired at an average cost of $31.17 per share, for a total transaction of $997,440.00. Following the purchase, the executive vice president owned 37,280 shares in the company, valued at approximately $1,162,017.60. The trade was a 606.06% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 36,801 shares of company stock valued at $1,147,293. 1.30% of the stock is currently owned by insiders.

Institutional Trading of Washington Trust Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the stock. First Horizon Corp purchased a new position in shares of Washington Trust Bancorp during the 1st quarter worth approximately $9,912,000. Franklin Resources Inc. raised its position in Washington Trust Bancorp by 28.3% in the third quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider's stock valued at $16,189,000 after purchasing an additional 123,734 shares during the period. SG Americas Securities LLC raised its position in Washington Trust Bancorp by 1,417.2% in the fourth quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider's stock valued at $2,908,000 after purchasing an additional 91,936 shares during the period. Empowered Funds LLC lifted its stake in Washington Trust Bancorp by 556.6% during the first quarter. Empowered Funds LLC now owns 67,628 shares of the financial services provider's stock worth $2,225,000 after purchasing an additional 57,329 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its stake in Washington Trust Bancorp by 173.8% during the third quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider's stock worth $2,554,000 after purchasing an additional 56,102 shares in the last quarter. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

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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