Washington Trust Bancorp (NASDAQ:WASH) Reaches New 1-Year High – Time to Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares hit a new 52-week high during mid-day 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.

Wall Street Analysts Forecast Growth

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

Washington Trust Bancorp Stock Down 0.7 %

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 firm’s 50-day moving average is $33.54 and its 200 day moving average is $30.06. The stock has a market cap of $666.58 million, a price-to-earnings ratio of 14.63 and a beta of 0.77.

Washington Trust Bancorp (NASDAQ:WASH) last issued 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. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. The firm had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. During the same quarter in the prior year, the business posted $0.65 earnings per share. Sell-side analysts anticipate that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were given 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 dividend payout ratio (DPR) is 83.90%.

Hedge Funds Weigh In On Washington Trust Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. EntryPoint Capital LLC increased its position in shares of Washington Trust Bancorp by 86.3% in the first quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 734 shares in the last quarter. CWM LLC grew its holdings in 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 purchasing an additional 725 shares in the last quarter. Barrett & Company Inc. grew its holdings in 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 valued at $151,000 after purchasing an additional 787 shares in the last quarter. Sanders Morris Harris LLC acquired a new stake in Washington Trust Bancorp during the 3rd quarter valued at $206,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Washington Trust Bancorp during the 3rd quarter valued at $209,000. Institutional investors and hedge funds own 65.81% of the company’s stock.

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.