Washington Trust Bancorp (NASDAQ:WASH) Sets New 52-Week High Following Analyst Upgrade

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s share price reached a new 52-week high during trading on Wednesday after Keefe, Bruyette & Woods raised their price target on the stock from $33.00 to $36.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Washington Trust Bancorp traded as high as $39.85 and last traded at $39.28, with a volume of 483430 shares. The stock had previously closed at $36.32.

WASH has been the topic of several other research reports. Weiss Ratings upgraded Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Zacks Research downgraded Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Piper Sandler raised their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Wall Street Zen upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday. One 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, the company presently has an average rating of “Hold” and a consensus target price of $35.50.

Insider Transactions at Washington Trust Bancorp

In related news, CEO Edward O. Handy III acquired 3,195 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was acquired at an average cost of $31.32 per share, for a total transaction of $100,067.40. Following the completion of the acquisition, the chief executive officer directly owned 51,442 shares of the company’s stock, valued at approximately $1,611,163.44. The trade was a 6.62% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Rolando A. Lora sold 885 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $31.55, for a total transaction of $27,921.75. Following the completion of the transaction, the executive vice president owned 11,292 shares of the company’s stock, valued at $356,262.60. This trade represents a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Washington Trust Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. lifted its holdings in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 420 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Washington Trust Bancorp by 14.0% during the fourth quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider’s stock worth $116,000 after purchasing an additional 481 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Washington Trust Bancorp by 11.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 526 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 542 shares in the last quarter. Finally, Brown Lisle Cummings Inc. grew its stake in shares of Washington Trust Bancorp by 1.3% in the 1st quarter. Brown Lisle Cummings Inc. now owns 47,098 shares of the financial services provider’s stock valued at $1,576,000 after buying an additional 620 shares in the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Price Performance

The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $717.41 million, a P/E ratio of 13.06, a P/E/G ratio of 0.93 and a beta of 0.72. The company’s 50-day simple moving average is $34.73 and its 200 day simple moving average is $33.65.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, July 20th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.06. The company had revenue of $60.47 million during the quarter, compared to analysts’ expectations of $59.91 million. Washington Trust Bancorp had a return on equity of 10.24% and a net margin of 14.50%. As a group, sell-side analysts expect that Washington Trust Bancorp, Inc. will post 3.07 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were paid a $0.56 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a yield of 6.0%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 77.78%.

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.