Washington Trust Bancorp (NASDAQ:WASH) Hits New 12-Month High – Time to Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares 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. The stock had previously closed at $39.67.

Analysts Set New Price Targets

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

Washington Trust Bancorp Stock Up 0.2 %

The company has a market cap of $678.36 million, a P/E ratio of 15.11 and a beta of 0.77. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The company has a 50 day moving average of $33.25 and a 200-day moving average of $29.93.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data 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 company had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same quarter in the previous year, the firm earned $0.65 earnings per share. On average, equities analysts predict that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 5.64%. The ex-dividend date of this dividend 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 large investors have recently added to or reduced their stakes in WASH. EntryPoint Capital LLC increased its position 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 buying an additional 734 shares during the period. CWM LLC lifted its holdings in shares of Washington Trust Bancorp by 29.9% during the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after buying an additional 725 shares during the period. Barrett & Company Inc. grew its holdings in shares of Washington Trust Bancorp by 20.1% in the third 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 during the period. Sanders Morris Harris LLC purchased a new stake in Washington Trust Bancorp during the third quarter valued at $206,000. Finally, The Manufacturers Life Insurance Company bought a new position in Washington Trust Bancorp in the third quarter valued at about $209,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

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.