Washington Trust Bancorp, Inc. (NASDAQ:WASH) Short Interest Update

Washington Trust Bancorp, Inc. (NASDAQ:WASH) saw a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 322,600 shares, a drop of 67.1% from the December 15th total of 980,700 shares. Based on an average daily trading volume, of 178,700 shares, the short-interest ratio is currently 1.8 days.

Washington Trust Bancorp Trading Up 1.3 %

NASDAQ WASH opened at $29.95 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp has a 12 month low of $24.11 and a 12 month high of $40.59. The company has a market capitalization of $576.75 million, a PE ratio of 11.22 and a beta of 0.81. The stock has a 50-day simple moving average of $34.87 and a 200 day simple moving average of $32.42.

Washington Trust Bancorp (NASDAQ:WASH) last released 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 net margin of 11.24% and a return on equity of 9.55%. The business had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. During the same quarter last year, the firm earned $0.65 EPS. Research analysts forecast that Washington Trust Bancorp will post 2.49 EPS for the current year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.48%. The ex-dividend date is Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is currently 83.90%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in Washington Trust Bancorp by 60.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock valued at $2,150,000 after acquiring an additional 25,029 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Washington Trust Bancorp in the 3rd quarter valued at $32,000. Barclays PLC lifted its position in Washington Trust Bancorp by 44.9% during the 3rd quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock worth $1,717,000 after buying an additional 16,511 shares in the last quarter. Zacks Investment Management acquired a new position in shares of Washington Trust Bancorp during the 3rd quarter worth about $1,258,000. Finally, Jane Street Group LLC grew its holdings in shares of Washington Trust Bancorp by 95.6% in the 3rd quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock valued at $1,180,000 after acquiring an additional 17,906 shares in the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

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.