Washington Trust Bancorp (NASDAQ:WASH) Reaches New 12-Month High – Still a Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $37.13 and last traded at $37.1340, with a volume of 14343 shares traded. The stock had previously closed at $36.27.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WASH. Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Wall Street Zen upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Zacks Research downgraded shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Finally, Piper Sandler raised their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Washington Trust Bancorp has an average rating of “Hold” and an average price target of $34.50.

Washington Trust Bancorp Price Performance

The business has a 50-day simple moving average of $34.22 and a 200 day simple moving average of $33.39. The firm has a market cap of $698.15 million, a P/E ratio of 13.41, a price-to-earnings-growth ratio of 0.91 and a beta of 0.72. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.98 and a current ratio of 0.99.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results 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). The company had revenue of $57.83 million during the quarter, compared to the consensus estimate of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. On average, analysts anticipate that Washington Trust Bancorp, Inc. will post 3.07 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Shareholders of record on Wednesday, July 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio is 82.05%.

Insider Buying and Selling

In related news, CEO Edward O. Handy III acquired 3,195 shares of Washington Trust Bancorp stock in a transaction that occurred on Monday, April 27th. The stock was bought at an average price of $31.32 per share, with a total value of $100,067.40. Following the transaction, the chief executive officer directly owned 51,442 shares in the company, valued at approximately $1,611,163.44. This represents a 6.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP James Cannon Brown purchased 32,000 shares of the stock in a transaction dated Thursday, April 23rd. The stock was bought at an average cost of $31.17 per share, with a total value of $997,440.00. Following the transaction, the executive vice president owned 37,280 shares in the company, valued at $1,162,017.60. The trade was a 606.06% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have purchased 36,801 shares of company stock worth $1,147,293. 1.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Washington Trust Bancorp

Several large investors have recently bought and sold shares of WASH. Vanguard Group Inc. grew its position in Washington Trust Bancorp by 0.7% in the 3rd 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 period. Franklin Resources Inc. increased its stake in 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 worth $18,745,000 after buying an additional 74,145 shares in the last quarter. Invesco Ltd. grew its position in shares of Washington Trust Bancorp by 3.0% during the second quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock worth $8,608,000 after purchasing an additional 8,938 shares in the last quarter. Drexel Morgan & Co. grew its holdings in 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 in the last quarter. Finally, First Horizon Corp purchased a new position in Washington Trust Bancorp during the first quarter valued at $9,912,000. 65.81% of the stock is currently owned by institutional investors.

About Washington Trust Bancorp

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.