Washington Trust Bancorp (NASDAQ:WASH) Stock Crosses Above 200 Day Moving Average – Time to Sell?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $29.40 and traded as high as $36.24. Washington Trust Bancorp shares last traded at $35.54, with a volume of 133,908 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, January 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Zacks Research upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 29th. Finally, Piper Sandler set a $32.00 target price on Washington Trust Bancorp in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Washington Trust Bancorp has a consensus rating of “Hold” and an average target price of $31.33.

Washington Trust Bancorp Stock Down 0.6%

The company has a debt-to-equity ratio of 1.53, a current ratio of 1.02 and a quick ratio of 1.01. The company has a market capitalization of $676.33 million, a price-to-earnings ratio of 13.16, a PEG ratio of 0.75 and a beta of 0.86. The firm has a 50-day moving average price of $31.41 and a two-hundred day moving average price of $29.40.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $59.25 million for the quarter, compared to analyst estimates of $56.38 million. As a group, sell-side analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 14th. Investors of record on Friday, January 2nd were issued a dividend of $0.56 per share. The ex-dividend date was Friday, January 2nd. This represents a $2.24 annualized dividend and a yield of 6.3%. Washington Trust Bancorp’s dividend payout ratio is presently 82.96%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D grew its stake in shares of Washington Trust Bancorp by 18.4% in the second quarter. State of New Jersey Common Pension Fund D now owns 73,332 shares of the financial services provider’s stock valued at $2,074,000 after buying an additional 11,388 shares in the last quarter. Franklin Resources Inc. grew its position in shares of Washington Trust Bancorp by 91.5% in the 2nd quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider’s stock valued at $12,343,000 after acquiring an additional 208,586 shares during the period. Crestwood Advisors Group LLC increased its stake in shares of Washington Trust Bancorp by 2.1% during the 2nd quarter. Crestwood Advisors Group LLC now owns 97,160 shares of the financial services provider’s stock worth $2,748,000 after purchasing an additional 2,019 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Washington Trust Bancorp during the 2nd quarter worth about $642,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at about $202,000. 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.