Washington Trust Bancorp (NASDAQ:WASH) Sets New 12-Month High – Here’s Why

by · The Markets Daily

Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.03 and last traded at $40.01, with a volume of 14517 shares changing hands. The stock had previously closed at $39.61.

Analyst Ratings Changes

WASH has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their price objective on Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 22nd. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Zacks Research upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 23rd. Piper Sandler boosted their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, Weiss Ratings raised shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $35.50.

View Our Latest Stock Report on Washington Trust Bancorp

Washington Trust Bancorp Stock Performance

The firm has a 50 day moving average of $35.75 and a two-hundred day moving average of $34.11. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.99 and a quick ratio of 0.98. The stock has a market cap of $764.99 million, a PE ratio of 13.94, a PEG ratio of 0.89 and a beta of 0.72.

Washington Trust Bancorp (NASDAQ:WASH – Get Free Report) last announced its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.24%. The company had revenue of $60.47 million for the quarter, compared to analyst estimates of $59.91 million. Research analysts predict that Washington Trust Bancorp, Inc. will post 3.2 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 5.6%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 77.78%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Washington Trust Bancorp by 0.7% during the third quarter. Vanguard Group Inc. now owns 1,140,227 shares of the financial services provider’s stock worth $32,953,000 after purchasing an additional 7,641 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Washington Trust Bancorp by 13.2% in the 4th quarter. Franklin Resources Inc. now owns 634,333 shares of the financial services provider’s stock valued at $18,745,000 after purchasing an additional 74,145 shares during the last quarter. Invesco Ltd. boosted its position in shares of Washington Trust Bancorp by 3.0% in the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock valued at $8,608,000 after purchasing an additional 8,938 shares during the period. Drexel Morgan & Co. boosted its position in shares of Washington Trust Bancorp by 19.9% in the 4th quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider’s stock valued at $8,889,000 after purchasing an additional 50,000 shares during the period. Finally, First Horizon Corp purchased a new position in Washington Trust Bancorp during the 1st quarter worth approximately $9,912,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

About Washington Trust Bancorp

(Get Free Report)

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.

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