Washington Trust Bancorp (NASDAQ:WASH) Hits New 1-Year High – Here’s What Happened

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) reached a new 52-week high during trading on Thursday . The stock traded as high as $36.97 and last traded at $36.57, with a volume of 145487 shares changing hands. The stock had previously closed at $35.72.

Analyst Upgrades and Downgrades

WASH has been the topic of a number of recent research reports. Keefe, Bruyette & Woods upped their target price on 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. Zacks Research raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 29th. Piper Sandler set a $32.00 price objective on Washington Trust Bancorp in a research report on Thursday, January 29th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $31.33.

Washington Trust Bancorp Trading Up 2.4%

The business has a 50 day simple moving average of $30.53 and a two-hundred day simple moving average of $29.07. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.53. The company has a market cap of $695.93 million, a PE ratio of 13.54, a price-to-earnings-growth ratio of 0.75 and a beta of 0.86.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Wednesday, January 28th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.75 by $0.08. Washington Trust Bancorp had a return on equity of 9.83% and a net margin of 13.26%.The firm had revenue of $59.25 million during the quarter, compared to analyst estimates of $56.38 million. On average, analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were given a $0.56 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.24 annualized dividend and a dividend yield of 6.1%. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 82.96%.

Hedge Funds Weigh In On Washington Trust Bancorp

Large investors have recently bought and sold shares of the stock. Franklin Resources Inc. increased its position in Washington Trust Bancorp by 91.5% during the 2nd quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider’s stock worth $12,343,000 after purchasing an additional 208,586 shares in the last quarter. SG Americas Securities LLC lifted its position in Washington Trust Bancorp by 1,417.2% during 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 buying an additional 91,936 shares in the last quarter. Qube Research & Technologies Ltd grew 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 buying an additional 56,102 shares during the period. Teton Advisors LLC acquired a new stake in shares of Washington Trust Bancorp in the third quarter worth $962,000. Finally, Jane Street Group LLC purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at $857,000. Hedge funds and other 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.