Washington Trust Bancorp (NASDAQ:WASH) Sets New 12-Month High – Should You Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) 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 trading hands. The stock had previously closed at $34.77.

Analyst Upgrades and Downgrades

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

Washington Trust Bancorp Stock Performance

The business’s 50-day simple moving average is $32.59 and its 200 day simple moving average is $29.48. The company has a debt-to-equity ratio of 3.34, a quick ratio of 1.14 and a current ratio of 1.15. The firm has a market cap of $665.85 million, a P/E ratio of 14.68 and a beta of 0.77.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.56 by $0.08. The business had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.71%. During the same quarter in the previous year, the company earned $0.65 EPS. As a group, equities analysts predict 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 disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 5.74%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s payout ratio is 83.90%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC increased its stake in shares of Washington Trust Bancorp by 10.6% during the first quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock worth $7,834,000 after purchasing an additional 27,979 shares in the last quarter. SG Americas Securities LLC acquired a new position in Washington Trust Bancorp during the second quarter worth about $232,000. Inspire Advisors LLC acquired a new position in Washington Trust Bancorp during the second quarter worth about $1,529,000. Bank of New York Mellon Corp boosted its holdings in Washington Trust Bancorp by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock valued at $4,094,000 after purchasing an additional 1,996 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Washington Trust Bancorp by 56.6% in the 2nd quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock valued at $2,979,000 after purchasing an additional 39,268 shares during 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.