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

Washington Trust Bancorp, Inc. (NASDAQ:WASH) was the recipient of 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 trading volume, of 178,700 shares, the short-interest ratio is presently 1.8 days.

Washington Trust Bancorp Price Performance

NASDAQ:WASH opened at $29.95 on Tuesday. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. Washington Trust Bancorp has a one year low of $24.11 and a one year high of $40.59. The company has a fifty day moving average price of $34.87 and a 200 day moving average price of $32.42. The stock has a market cap of $576.75 million, a P/E ratio of 11.22 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $47.32 million. During the same period in the previous year, the company posted $0.65 earnings per share. Analysts anticipate that Washington Trust Bancorp will post 2.49 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared 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 annualized dividend and a yield of 7.48%. The ex-dividend date of this dividend is Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

Institutional Investors Weigh In On Washington Trust Bancorp

Large investors have recently modified their holdings of the stock. State of New Jersey Common Pension Fund D lifted its holdings in Washington Trust Bancorp by 0.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock valued at $2,375,000 after purchasing an additional 472 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Washington Trust Bancorp by 2.2% in the second quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock valued at $773,000 after acquiring an additional 618 shares during the last quarter. Inspire Advisors LLC boosted its holdings in shares of Washington Trust Bancorp by 1.3% in the 3rd quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock worth $1,820,000 after acquiring an additional 733 shares in the last quarter. Barrett & Company Inc. grew 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 acquiring an additional 787 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Washington Trust Bancorp in the 3rd quarter valued at $32,000. 65.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

About Washington Trust Bancorp

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.