Washington Trust Bancorp (NASDAQ:WASH) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Washington Trust Bancorp, Inc. (NASDAQ:WASH) passed above its 200-day moving average during trading on Monday . The stock has a 200-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 trading hands.

Analyst Ratings Changes

Several brokerages have issued reports on WASH. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Piper Sandler began coverage on shares of Washington Trust Bancorp in a research report on Monday, March 16th. They issued a “neutral” rating and a $32.00 price target for the company. Finally, Zacks Research cut shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $33.00.

Washington Trust Bancorp Stock Performance

The company’s 50-day simple moving average is $33.06 and its 200-day simple moving average is $32.50. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $657.15 million, a price-to-earnings ratio of 12.62, a PEG ratio of 0.84 and a beta of 0.74.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data 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 net margin of 13.71% and a return on equity of 9.79%. The firm had revenue of $57.83 million during the quarter, compared to the consensus estimate of $58.24 million. On average, analysts expect that Washington Trust Bancorp, Inc. will post 3.09 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date of this dividend was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio is currently 82.05%.

Insider Activity

In other news, EVP James Cannon Brown acquired 32,000 shares of Washington Trust Bancorp stock in a transaction dated Thursday, April 23rd. The shares were bought at an average cost of $31.17 per share, with a total value of $997,440.00. Following the purchase, the executive vice president owned 37,280 shares in the company, valued at $1,162,017.60. This trade represents a 606.06% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Ronald S. Ohsberg acquired 1,606 shares of Washington Trust Bancorp stock in a transaction dated Friday, April 24th. The stock was purchased at an average cost of $31.00 per share, for a total transaction of $49,786.00. Following the completion of 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 disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 36,801 shares of company stock valued at $1,147,293. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors have recently modified their holdings of the company. First Horizon Corp bought a new position in Washington Trust Bancorp during the first quarter worth $9,912,000. Franklin Resources Inc. boosted its stake in Washington Trust Bancorp by 28.3% during the third quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider’s stock worth $16,189,000 after acquiring an additional 123,734 shares in the last quarter. SG Americas Securities LLC boosted its stake 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 worth $2,908,000 after acquiring an additional 91,936 shares in the last quarter. Empowered Funds LLC boosted 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 acquiring an additional 57,329 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted 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 acquiring an additional 56,102 shares in the last quarter. 65.81% of the stock is owned by institutional investors.

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.