Washington Trust Bancorp (NASDAQ:WASH) Reaches New 1-Year High – Time to Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $37.72 and last traded at $37.72, with a volume of 1267 shares traded. The stock had previously closed at $34.77.

Analyst Ratings Changes

Separately, Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Price Performance

The business’s 50 day moving average price is $32.85 and its 200-day moving average price is $29.61. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 3.34. The company has a market cap of $645.72 million, a PE ratio of 14.18 and a beta of 0.77.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.71%. The business had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. During the same period last year, the business earned $0.65 EPS. As a group, analysts forecast that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 5.92%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is 83.90%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds have recently bought and sold shares of the business. EntryPoint Capital LLC raised its position in shares of Washington Trust Bancorp by 86.3% in the 1st quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 734 shares in the last quarter. CWM LLC raised its holdings in Washington Trust Bancorp by 29.9% in the second quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after acquiring an additional 725 shares in the last quarter. Barrett & Company Inc. boosted its stake in Washington Trust Bancorp by 20.1% during the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 787 shares during the last quarter. Sanders Morris Harris LLC bought a new position in Washington Trust Bancorp during the 3rd quarter valued at $206,000. Finally, IFG Advisory LLC acquired a new position in Washington Trust Bancorp during the 2nd quarter worth $211,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

About Washington Trust Bancorp

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.