Washington Trust Bancorp (NASDAQ:WASH) Share Price Passes Above 200 Day Moving Average – Time to Sell?

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $30.52 and traded as high as $33.06. Washington Trust Bancorp shares last traded at $32.91, with a volume of 199,601 shares traded.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WASH. Keefe, Bruyette & Woods lifted 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 report on Friday, January 30th. Zacks Research upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 29th. Wall Street Zen lowered shares of Washington Trust Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Piper Sandler assumed 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, Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $31.33.

Washington Trust Bancorp Stock Up 0.8%

The company’s fifty day simple moving average is $33.69 and its 200-day simple moving average is $30.52. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $626.61 million, a PE ratio of 12.19, a price-to-earnings-growth ratio of 0.68 and a beta of 0.85.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Wednesday, January 28th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. The firm had revenue of $59.25 million during the quarter, compared to analysts’ expectations of $56.38 million. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%. On average, analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Wednesday, April 1st will be paid a dividend of $0.56 per share. The ex-dividend date is Wednesday, April 1st. This represents a $2.24 dividend on an annualized basis and a yield of 6.8%. Washington Trust Bancorp’s dividend payout ratio is presently 82.96%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. grew its stake in Washington Trust Bancorp by 28.3% during the 3rd quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider’s stock valued at $16,189,000 after purchasing an additional 123,734 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Washington Trust Bancorp by 1,417.2% in 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 during the period. Qube Research & Technologies Ltd lifted its position 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 valued at $2,554,000 after purchasing an additional 56,102 shares during the period. Drexel Morgan & Co. raised its stake in shares of Washington Trust Bancorp by 19.9% during the 4th quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider’s stock valued at $8,889,000 after buying an additional 50,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Washington Trust Bancorp by 16.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 267,595 shares of the financial services provider’s stock worth $7,907,000 after acquiring an additional 36,937 shares during the period. 65.81% of the stock is owned by institutional investors and hedge funds.

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.