Washington Trust Bancorp (NASDAQ:WASH) Sets New 52-Week High – Still a Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) reached a new 52-week high during trading on Wednesday . The stock traded as high as $40.27 and last traded at $40.27, with a volume of 15138 shares changing hands. The stock had previously closed at $39.67.

Analysts Set New Price Targets

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

Washington Trust Bancorp Price Performance

The stock has a market capitalization of $666.58 million, a price-to-earnings ratio of 14.63 and a beta of 0.77. The business’s 50 day simple moving average is $33.54 and its 200-day simple moving average is $30.06. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping 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 9.55%. The company had revenue of $103.86 million for the quarter, compared to the consensus estimate of $47.32 million. During the same period in the previous year, the firm earned $0.65 EPS. Research analysts anticipate 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 announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were issued a $0.56 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.74%. Washington Trust Bancorp’s payout ratio is currently 83.90%.

Institutional Trading of Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. EntryPoint Capital LLC raised its holdings in shares of Washington Trust Bancorp by 86.3% during the first quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 734 shares during the period. CWM LLC raised its holdings in shares of Washington Trust Bancorp by 29.9% during 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 during the period. Barrett & Company Inc. raised its holdings in shares of Washington Trust Bancorp by 20.1% during the third 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 period. Sanders Morris Harris LLC acquired a new stake in shares of Washington Trust Bancorp during the third quarter valued at approximately $206,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Washington Trust Bancorp during the third quarter valued at approximately $209,000. 65.81% of the stock is currently owned by institutional investors.

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.