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

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

Analysts Set New Price Targets

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

Washington Trust Bancorp Trading Up 1.3 %

Shares of Washington Trust Bancorp stock traded up $0.37 during trading hours on Monday, reaching $29.95. 250,157 shares of the company’s stock were exchanged, compared to its average volume of 224,165. Washington Trust Bancorp has a 52-week low of $24.11 and a 52-week high of $40.59. The company has a fifty day moving average of $34.87 and a 200-day moving average of $32.42. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm has a market capitalization of $576.75 million, a price-to-earnings ratio of 11.22 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last announced 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. The business had revenue of $103.86 million for the quarter, compared to analyst estimates 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 firm posted $0.65 EPS. Sell-side analysts forecast that Washington Trust Bancorp will post 2.49 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

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

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently added to or reduced their stakes in WASH. Wilmington Savings Fund Society FSB purchased a new position in shares of Washington Trust Bancorp in the 3rd quarter worth about $32,000. Barrett & Company Inc. increased its position 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 worth $151,000 after purchasing an additional 787 shares in the last quarter. CWM LLC raised its holdings in Washington Trust Bancorp by 60.5% in 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 acquired a new position in Washington Trust Bancorp during the third quarter valued at approximately $206,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Washington Trust Bancorp during the third quarter worth approximately $209,000. Hedge funds and other institutional investors 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.