Short Interest in Washington Trust Bancorp, Inc. (NASDAQ:WASH) Decreases By 67.1%

Washington Trust Bancorp, Inc. (NASDAQ:WASH) was the target of a large decrease in short interest in January. As of January 15th, there was short interest totalling 322,600 shares, a decrease of 67.1% from the December 31st 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.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WASH. Zacks Investment Management bought a new stake in shares of Washington Trust Bancorp during the 3rd quarter valued at approximately $1,258,000. Barclays PLC raised its position in shares of Washington Trust Bancorp by 44.9% during the third quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock worth $1,717,000 after acquiring an additional 16,511 shares during the last quarter. Aptus Capital Advisors LLC boosted its holdings in Washington Trust Bancorp by 15.6% in the third quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock valued at $3,344,000 after acquiring an additional 14,028 shares during the last quarter. Jane Street Group LLC raised its holdings in Washington Trust Bancorp by 95.6% during the 3rd quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock worth $1,180,000 after purchasing an additional 17,906 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of 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 worth $2,150,000 after purchasing an additional 25,029 shares during the period. Institutional investors and hedge funds own 65.81% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com lowered Washington Trust Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 21st. Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $30.00 to $34.00 in a research report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH traded down $0.03 on Thursday, hitting $32.45. The company’s stock had a trading volume of 178,306 shares, compared to its average volume of 188,931. The stock has a fifty day moving average of $33.43 and a two-hundred day moving average of $32.87. Washington Trust Bancorp has a one year low of $24.11 and a one year high of $40.59. The firm has a market capitalization of $624.99 million, a P/E ratio of 12.15 and a beta of 0.81. 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 (NASDAQ:WASH) last posted its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. Research analysts predict that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 6.90%. The ex-dividend date was Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

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.