Worth Watching: Could Washington Trust Bancorp Recover After Today’s Gap Down?

Worth Watching: Could Washington Trust Bancorp Recover After Today's Gap Down?

The stock of Washington Trust Bancorp (NASDAQ:WASH) gapped down by $0.25 today and has $36.51 target or 7.00% below today’s $39.26 share price. The 9 months technical chart setup indicates high risk for the $675.49M company. The gap down was reported on Oct, 4 by Barchart.com. If the $36.51 price target is reached, the company will be worth $47.28 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 2.39% or $0.96 during the last trading session, hitting $39.26. About 112,316 shares traded hands or 127.37% up from the average. Washington Trust Bancorp (NASDAQ:WASH) has risen 2.80% since March 1, 2016 and is uptrending. It has underperformed by 9.41% the S&P500.

Analysts await Washington Trust Bancorp (NASDAQ:WASH) to report earnings on October, 17.

Washington Trust Bancorp (NASDAQ:WASH) Ratings Coverage

Out of 4 analysts covering Washington Trust Bancorp (NASDAQ:WASH), 1 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 25% are positive. Washington Trust Bancorp has been the topic of 7 analyst reports since July 22, 2015 according to StockzIntelligence Inc. Compass Point upgraded the shares of WASH in a report on Wednesday, January 27 to “Buy” rating. The firm has “Neutral” rating by Compass Point given on Tuesday, October 20. The firm has “Neutral” rating by Compass Point given on Tuesday, September 20. Keefe Bruyette & Woods upgraded the shares of WASH in a report on Wednesday, December 30 to “Outperform” rating.

According to Zacks Investment Research, “Washington Trust Bancorp, Inc. is a publicly-owned, registered bank holding company whose subsidiaries are permitted to engage in banking and other financial services and businesses. They conduct their business through their wholly owned subsidiary, The Washington Trust Company, commercial bank.”

Insitutional Activity: The institutional sentiment increased to 1.5 in 2016 Q2. Its up 0.03, from 1.47 in 2016Q1. The ratio is positive, as 8 funds sold all Washington Trust Bancorp shares owned while 26 reduced positions. 10 funds bought stakes while 41 increased positions. They now own 8.99 million shares or 1.15% more from 8.89 million shares in 2016Q1.
Royal Bancorp Of Canada accumulated 0% or 400 shares. Essex Financial Inc last reported 13,528 shares in the company. The United Kingdom-based Blackrock Grp Inc Limited has invested 0% in Washington Trust Bancorp (NASDAQ:WASH). Moreover, Lsv Asset Mgmt has 0.01% invested in Washington Trust Bancorp (NASDAQ:WASH) for 95,747 shares. Los Angeles Mngmt Equity Rech last reported 0.01% of its portfolio in the stock. Brandywine Mngmt Limited reported 5,760 shares or 0% of all its holdings. Bank & Trust Of Montreal Can has invested 0% of its portfolio in Washington Trust Bancorp (NASDAQ:WASH). Citigroup has 0% invested in the company for 4,905 shares. Moreover, Raymond James And Associates has 0.01% invested in Washington Trust Bancorp (NASDAQ:WASH) for 51,543 shares. The Massachusetts-based Rhumbline Advisers has invested 0% in Washington Trust Bancorp (NASDAQ:WASH). Moreover, Thompson Siegel & Walmsley Limited Liability Company has 0% invested in Washington Trust Bancorp (NASDAQ:WASH) for 300 shares. Edge Asset Management last reported 0.19% of its portfolio in the stock. Sei Investments last reported 0% of its portfolio in the stock. Blackrock Advisors Llc last reported 7,630 shares in the company. Renaissance Technology Ltd Com holds 377,629 shares or 0.03% of its portfolio.

Insider Transactions: Since June 3, 2016, the stock had 0 insider buys, and 3 insider sales for $251,209 net activity. ALGIERE DENNIS L sold $11,583 worth of stock or 300 shares. The insider HOXSIE KATHERINE W sold $84,626. $155,000 worth of Washington Trust Bancorp (NASDAQ:WASH) was sold by Noons Mary E. on Friday, June 3.

More recent Washington Trust Bancorp (NASDAQ:WASH) news were published by: Globenewswire.com which released: “Washington Trust Bancorp, Inc. Increases Quarterly Dividend” on September 15, 2016. Also Reuters.com published the news titled: “BRIEF-Washington Trust Bancorp Inc increases quarterly dividend” on December 05, 2014. Streetinsider.com‘s news article titled: “Washington Trust Bancorp (WASH) Raises Quarterly Dividend 2.8% to $0.37; 3.5 …” with publication date: August 21, 2016 was also an interesting one.

WASH Company Profile

Washington Trust Bancorp, Inc. (Bancorp), incorporated on January 5, 1984, is a bank holding and financial holding company. The Firm operates through two divisions: Commercial Banking and Wealth Management Services. The Company’s Commercial Banking segment includes commercial, residential and consumer lending activities; equity in losses of unconsolidated investments in real estate limited partnerships, mortgage banking, secondary market and loan servicing activities; deposit generation; merchant credit card services; cash management activities, and direct banking activities, which include the operation of automated teller machines (ATMs), telephone and Internet banking services, and customer support and sales. The Company’s Wealth Management Services segment includes investment management; financial planning; personal trust and estate services, including services as trustee, personal representative, custodian and guardian; settlement of decedents’ estates, and institutional trust services, including fiduciary services.

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