Washington Trust Bancorp (NASDAQ:WASH) Stock Price Crosses Above 200 Day Moving Average – Here’s What Happened

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $28.32 and traded as high as $28.63. Washington Trust Bancorp shares last traded at $28.35, with a volume of 40,246 shares.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, October 8th. Piper Sandler cut their price target on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a research note on Thursday, October 9th. Finally, Keefe, Bruyette & Woods raised their price target on Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 22nd. One research 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 stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $28.33.

Washington Trust Bancorp Trading Down 0.8%

The company’s fifty day simple moving average is $27.83 and its two-hundred day simple moving average is $28.32. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94. The company has a market capitalization of $539.64 million, a price-to-earnings ratio of -17.83, a price-to-earnings-growth ratio of 0.87 and a beta of 0.95.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, October 20th. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.10. Washington Trust Bancorp had a negative net margin of 6.22% and a positive return on equity of 8.97%. The company had revenue of $56.47 million during the quarter, compared to analyst estimates of $56.39 million. During the same quarter in the previous year, the business earned $0.64 EPS. Research analysts forecast 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 declared a quarterly dividend, which was paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.9%. The ex-dividend date was Wednesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is -140.88%.

Hedge Funds Weigh In On Washington Trust Bancorp

Institutional investors and hedge funds have recently modified their holdings of the business. Verition Fund Management LLC increased its stake in Washington Trust Bancorp by 19.3% during the 3rd quarter. Verition Fund Management LLC now owns 22,914 shares of the financial services provider’s stock worth $662,000 after purchasing an additional 3,701 shares in the last quarter. Qube Research & Technologies Ltd increased its position in shares of 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. Focus Partners Wealth increased its position in shares of Washington Trust Bancorp by 13.7% during the third quarter. Focus Partners Wealth now owns 8,861 shares of the financial services provider’s stock worth $256,000 after acquiring an additional 1,069 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Washington Trust Bancorp by 17.1% during the third quarter. Bank of America Corp DE now owns 75,644 shares of the financial services provider’s stock worth $2,186,000 after acquiring an additional 11,072 shares during the period. Finally, Aquatic Capital Management LLC lifted its position in Washington Trust Bancorp by 495.1% in the 3rd quarter. Aquatic Capital Management LLC now owns 10,546 shares of the financial services provider’s stock valued at $305,000 after acquiring an additional 8,774 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.