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

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

Washington Trust Bancorp Stock Up 4.7 %

WASH opened at $31.37 on Wednesday. The company has a market capitalization of $604.09 million, a P/E ratio of 11.75 and a beta of 0.81. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The firm’s fifty day moving average price is $34.79 and its two-hundred day moving average price is $32.44. Washington Trust Bancorp has a fifty-two week low of $24.11 and a fifty-two week high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $103.86 million during the quarter, compared to the consensus estimate 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 last year, the firm earned $0.65 EPS. On average, analysts anticipate that Washington Trust Bancorp will post 2.49 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd will be paid a $0.56 dividend. The ex-dividend date of this dividend is Thursday, January 2nd. This represents a $2.24 annualized dividend and a dividend yield of 7.14%. Washington Trust Bancorp’s dividend payout ratio is currently 83.90%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB bought a new stake in Washington Trust Bancorp in the third quarter valued at $32,000. Barrett & Company Inc. grew its holdings in shares of 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 worth $151,000 after purchasing an additional 787 shares during the last quarter. CWM LLC increased its position in shares of Washington Trust Bancorp by 60.5% during the 3rd quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock worth $163,000 after purchasing an additional 1,902 shares in the last quarter. Sanders Morris Harris LLC bought a new position in Washington Trust Bancorp during the 3rd quarter valued at about $206,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Washington Trust Bancorp in the third quarter valued at about $209,000. Institutional investors own 65.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WASH. Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and increased their target price for the company from $30.00 to $34.00 in a research note on Tuesday, October 22nd. StockNews.com cut Washington Trust Bancorp from a “hold” rating to a “sell” rating in a report 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.