Washington Trust Bancorp (NASDAQ:WASH) Sets New 52-Week High – Time to Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $37.13 and last traded at $37.1340, with a volume of 14343 shares. The stock had previously closed at $36.27.

Analyst Ratings Changes

WASH has been the topic of several research reports. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Zacks Research lowered Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Finally, Piper Sandler increased their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $34.50.

Washington Trust Bancorp Stock Up 3.2%

The company has a market cap of $713.60 million, a price-to-earnings ratio of 13.72, a price-to-earnings-growth ratio of 0.86 and a beta of 0.72. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99. The stock’s fifty day moving average is $34.03 and its two-hundred day moving average is $33.31.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, April 20th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). The company had revenue of $57.83 million for the quarter, compared to analyst estimates of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. Sell-side analysts predict that Washington Trust Bancorp, Inc. will post 3.07 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were issued a dividend of $0.56 per share. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 annualized dividend and a yield of 6.0%. Washington Trust Bancorp’s dividend payout ratio is 82.05%.

Insider Buying and Selling

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

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors have recently modified their holdings of 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 valued at $30,000 after acquiring an additional 542 shares during the last quarter. Federated Hermes Inc. grew its stake in Washington Trust Bancorp by 24.6% in the 2nd 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 grew its stake in Washington Trust Bancorp by 200.8% in the 2nd 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. Russell Investments Group Ltd. increased its position in shares of 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 valued at $69,000 after purchasing an additional 1,869 shares during the last quarter. Finally, State of Wyoming purchased a new stake in shares of Washington Trust Bancorp during the 1st quarter valued at $70,000. 65.81% of the stock is owned by 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.