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

Key Points

• Washington Trust Bancorp shares rose above their 200-day moving average, trading as high as $36.47 before last changing hands at $35.18. The move came on volume of 189,152 shares.
• Analyst sentiment is mixed but leans cautious, with the stock carrying an average “Hold” rating and a consensus target price of $33.00. Recent actions included a downgrade to “Strong Sell” from Zacks and upgrades from Wall Street Zen and Weiss Ratings.
• Latest earnings fell short of expectations, as the company reported $0.66 EPS versus the $0.77 consensus estimate and revenue of $57.83 million versus $58.24 million expected. The bank also pays a sizable dividend, with a $0.56 quarterly payout that implies a 6.4% yield.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $32.41 and traded as high as $36.47. Washington Trust Bancorp shares last traded at $35.18, with a volume of 189,152 shares.

Analyst Ratings Changes

WASH has been the subject of several analyst reports. Zacks Research downgraded Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, May 17th. Piper Sandler initiated coverage on Washington Trust Bancorp in a research note on Monday, March 16th. They issued a "neutral" rating and a $32.00 target price for the company. Finally, Weiss Ratings upgraded Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, June 5th. One 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.com, the stock currently has an average rating of "Hold" and a consensus target price of $33.00.

Washington Trust Bancorp Stock Down 1.9%

The stock has a 50-day moving average of $33.02 and a two-hundred day moving average of $32.41. The company has a market cap of $670.88 million, a P/E ratio of 12.89, a P/E/G ratio of 0.86 and a beta of 0.74. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $57.83 million during the quarter, compared to analysts' expectations of $58.24 million. On average, research analysts anticipate that Washington Trust Bancorp, Inc. will post 3.09 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend was Wednesday, April 1st. Washington Trust Bancorp's dividend payout ratio is presently 82.05%.

Insider Transactions at Washington Trust Bancorp

In other news, EVP Rolando A. Lora sold 885 shares of the company's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total transaction of $27,921.75. Following the transaction, the executive vice president directly owned 11,292 shares of the company's stock, valued at $356,262.60. This represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Ronald S. Ohsberg purchased 1,606 shares of the stock in a transaction dated Friday, April 24th. The shares were acquired at an average cost of $31.00 per share, for a total transaction of $49,786.00. Following the completion of the acquisition, the chief financial officer owned 29,705 shares of the company's stock, valued at approximately $920,855. This represents a 5.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 36,801 shares of company stock valued at $1,147,293 in the last three months. Company insiders own 1.30% of the company's stock.

Institutional Trading of Washington Trust Bancorp

A number of hedge funds have recently bought and sold shares of the company. Foster Dykema Cabot & Partners LLC purchased a new stake in Washington Trust Bancorp in the third quarter worth about $27,000. EverSource Wealth Advisors LLC increased its position in Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after buying an additional 542 shares in the last quarter. State of Wyoming purchased a new stake in Washington Trust Bancorp in the first quarter worth about $70,000. Federated Hermes Inc. increased its position 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 worth $60,000 after buying an additional 420 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position 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 worth $67,000 after buying an additional 1,578 shares in the last quarter. Hedge funds and other institutional investors 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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