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

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

Analyst Ratings Changes

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

Washington Trust Bancorp Stock Up 0.2 %

The firm has a market capitalization of $678.36 million, a PE ratio of 15.11 and a beta of 0.77. The company has a fifty day moving average price of $33.25 and a 200-day moving average price of $29.93. 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 posted its quarterly earnings data 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 9.55%. The business had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. During the same quarter in the previous year, the business posted $0.65 earnings per share. As a group, analysts expect that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 5.64%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 83.90%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of WASH. EntryPoint Capital LLC lifted its stake in shares of Washington Trust Bancorp by 86.3% during the 1st quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 734 shares during the last quarter. CWM LLC grew its position in shares of Washington Trust Bancorp by 29.9% in the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock worth $86,000 after buying an additional 725 shares during the last quarter. Barrett & Company Inc. raised its stake in shares of 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 worth $151,000 after acquiring an additional 787 shares in the last quarter. Sanders Morris Harris LLC purchased a new stake in Washington Trust Bancorp during the third quarter valued at approximately $206,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Washington Trust Bancorp in the third quarter valued at approximately $209,000. 65.81% of the stock is owned by institutional investors.

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.