Washington Trust Bancorp, Inc. (NASDAQ:WASH) Sees Large Decline in Short Interest

Washington Trust Bancorp, Inc. (NASDAQ:WASH) was the recipient of a significant decrease in short interest during the month of 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 short-interest ratio is currently 1.8 days.

Analysts Set New Price Targets

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

Washington Trust Bancorp Stock Performance

WASH opened at $31.37 on Wednesday. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $604.09 million, a PE ratio of 11.75 and a beta of 0.81. The stock has a 50-day moving average of $34.79 and a 200-day moving average of $32.44. Washington Trust Bancorp has a 52-week low of $24.11 and a 52-week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. The firm had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. As a group, equities research analysts forecast that Washington Trust Bancorp will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

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. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.24 annualized dividend and a yield of 7.14%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in shares of Washington Trust Bancorp in the third quarter worth about $32,000. Barrett & Company Inc. grew its holdings in Washington Trust Bancorp by 20.1% in the 3rd 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 increased its position in Washington Trust Bancorp by 60.5% in the 3rd quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock worth $163,000 after buying an additional 1,902 shares during the period. Sanders Morris Harris LLC bought a new position in Washington Trust Bancorp in the 3rd quarter worth approximately $206,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Washington Trust Bancorp during the third quarter worth approximately $209,000. Institutional investors and hedge funds 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.