Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $35.09 and last traded at $35.07, with a volume of 12437 shares trading hands. The stock had previously closed at $34.46.
Analyst Ratings Changes
Separately, Piper Sandler upgraded shares of Washington Trust Bancorp from an "underweight" rating to a "neutral" rating and raised their target price for the stock from $30.00 to $34.00 in a report on Tuesday.
Check Out Our Latest Report on Washington Trust Bancorp
Washington Trust Bancorp Stock Performance
The stock's 50 day moving average is $31.77 and its two-hundred day moving average is $28.78. The stock has a market capitalization of $605.97 million, a price-to-earnings ratio of 13.25 and a beta of 0.79. The company has a current ratio of 1.15, a quick ratio of 1.14 and a debt-to-equity ratio of 3.34.
Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.95% and a net margin of 11.51%. The company had revenue of $103.86 million during the quarter, compared to analysts' expectations of $47.32 million. During the same period in the prior year, the firm earned $0.65 earnings per share. Analysts expect that Washington Trust Bancorp, Inc. will post 2.38 earnings per share for the current fiscal year.
Washington Trust Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.56 per share. The ex-dividend date was Tuesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.31%. Washington Trust Bancorp's dividend payout ratio is currently 83.58%.
Hedge Funds Weigh In On Washington Trust Bancorp
A number of large investors have recently modified their holdings of WASH. Dimensional Fund Advisors LP raised its holdings in Washington Trust Bancorp by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider's stock worth $22,642,000 after acquiring an additional 59,115 shares in the last quarter. Inspire Advisors LLC acquired a new stake in shares of Washington Trust Bancorp in the 2nd quarter valued at approximately $1,529,000. American Century Companies Inc. grew its stake in shares of Washington Trust Bancorp by 16.5% in the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider's stock valued at $7,755,000 after buying an additional 40,122 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Washington Trust Bancorp by 56.6% in the second quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider's stock valued at $2,979,000 after buying an additional 39,268 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in 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 buying an additional 27,979 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.
About Washington Trust Bancorp
(
Get Free Report)
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.
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