Washington Trust Bancorp (NASDAQ:WASH) Shares Cross Above 200-Day Moving Average – Time to Sell?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $32.80 and traded as high as $37.02. Washington Trust Bancorp shares last traded at $36.89, with a volume of 575,709 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on WASH shares. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Piper Sandler upped their target price on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday. Zacks Research lowered shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Finally, Wall Street Zen lowered shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $34.50.

Washington Trust Bancorp Stock Up 1.7%

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 business has a 50-day moving average price of $33.08 and a 200-day moving average price of $32.80. The firm has a market cap of $703.49 million, a P/E ratio of 13.51, a P/E/G ratio of 0.88 and a beta of 0.74.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 earnings per share for the quarter, missing the consensus estimate 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, equities analysts forecast that Washington Trust Bancorp, Inc. will post 3.07 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend is Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio is presently 82.05%.

Insider Buying and Selling at Washington Trust Bancorp

In related news, EVP Rolando A. Lora sold 885 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president owned 11,292 shares of the company’s stock, valued at $356,262.60. The trade was a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Ronald S. Ohsberg bought 1,606 shares of the stock in a transaction on Friday, April 24th. The shares were bought at an average price of $31.00 per share, with a total value of $49,786.00. Following the acquisition, the chief financial officer owned 29,705 shares of the company’s stock, valued at $920,855. This trade represents a 5.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 36,801 shares of company stock worth $1,147,293 over the last quarter. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Foster Dykema Cabot & Partners LLC bought a new stake in Washington Trust Bancorp during the third quarter valued at about $27,000. EverSource Wealth Advisors LLC raised its holdings 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 purchasing an additional 542 shares in the last quarter. State of Wyoming purchased a new stake in shares of Washington Trust Bancorp during the first quarter valued at about $70,000. Federated Hermes Inc. lifted its position in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after buying an additional 420 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of 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 buying an additional 1,578 shares in the last quarter. 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.