Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) saw strong trading volume on Wednesday . 174,048 shares changed hands during trading, an increase of 89% from the previous session's volume of 92,285 shares.The stock last traded at $35.82 and had previously closed at $35.11.
Analyst Ratings Changes
Separately, Piper Sandler upgraded shares of Washington Trust Bancorp from an "underweight" rating to a "neutral" rating and lifted their price target for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd.
Get Our Latest Stock Analysis on WASH
Washington Trust Bancorp Price Performance
The stock has a market capitalization of $601.32 million, a price-to-earnings ratio of 13.01 and a beta of 0.79. The company has a current ratio of 1.15, a quick ratio of 1.14 and a debt-to-equity ratio of 3.34. The company's 50 day moving average is $32.28 and its 200 day moving average is $29.13.
Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.71% and a net margin of 11.24%. The company had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. During the same quarter last year, the company posted $0.65 earnings per share. Research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current fiscal year.
Washington Trust Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 6.35%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp's payout ratio is currently 82.66%.
Hedge Funds Weigh In On Washington Trust Bancorp
Several institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in Washington Trust Bancorp by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider's stock valued at $22,642,000 after buying an additional 59,115 shares during the period. Inspire Advisors LLC purchased a new stake in shares of Washington Trust Bancorp in the second quarter valued at about $1,529,000. American Century Companies Inc. increased its stake in shares of Washington Trust Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider's stock worth $7,755,000 after acquiring an additional 40,122 shares during the period. Renaissance Technologies LLC raised its holdings in Washington Trust Bancorp by 56.6% during the second quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider's stock worth $2,979,000 after purchasing an additional 39,268 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in Washington Trust Bancorp by 10.6% during the first quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider's stock worth $7,834,000 after purchasing an additional 27,979 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company's stock.
About Washington Trust Bancorp
(
Get Free Report)
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.
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