Washington Trust Bancorp (NASDAQ:WASH) Sees Large Volume Increase – Still a Buy?

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares saw strong trading volume on Monday . 136,617 shares traded hands during mid-day trading, an increase of 34% from the previous session’s volume of 102,277 shares.The stock last traded at $34.59 and had previously closed at $35.03.

Wall Street Analysts Forecast Growth

WASH has been the topic of several research analyst reports. StockNews.com lowered shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday. Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $30.00 to $34.00 in a research report on Tuesday, October 22nd.

Washington Trust Bancorp Price Performance

The company has a market cap of $527.99 million, a price-to-earnings ratio of 11.59 and a beta of 0.79. The company has a fifty day simple moving average of $35.83 and a two-hundred day simple moving average of $31.74. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63.

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, beating analysts’ consensus estimates of $0.56 by $0.08. The firm had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. During the same period in the prior year, the company earned $0.65 EPS. On average, equities research 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 disclosed 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. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 7.24%. Washington Trust Bancorp’s dividend payout ratio is currently 83.90%.

Institutional Trading of Washington Trust Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB acquired a new position in Washington Trust Bancorp in the 3rd quarter valued at about $32,000. Barrett & Company Inc. raised its position 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 valued at $151,000 after buying an additional 787 shares during the last quarter. CWM LLC lifted its stake in shares of Washington Trust Bancorp by 60.5% during the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock valued at $163,000 after buying an additional 1,902 shares during the period. Sanders Morris Harris LLC purchased a new position 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 Washington Trust Bancorp during the third quarter worth approximately $209,000. 65.81% of the stock is currently owned by hedge funds and other 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.