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

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Washington Trust Bancorp during the third quarter worth $32,000. Hantz Financial Services Inc. increased its stake in Washington Trust Bancorp by 15,152.6% in the 4th quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider's stock worth $91,000 after purchasing an additional 2,879 shares in the last quarter. Barrett & Company Inc. raised its holdings 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 buying an additional 787 shares during the period. CWM LLC lifted its stake in Washington Trust Bancorp by 60.5% during the third quarter. CWM LLC now owns 5,048 shares of the financial services provider's stock valued at $163,000 after buying an additional 1,902 shares in the last quarter. Finally, Sanders Morris Harris LLC acquired a new position in shares of Washington Trust Bancorp in the third quarter worth about $206,000. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Price Performance

NASDAQ WASH traded up $0.51 on Friday, reaching $32.74. 165,340 shares of the stock traded hands, compared to its average volume of 199,282. Washington Trust Bancorp has a 12 month low of $24.11 and a 12 month high of $40.59. The company has a market cap of $630.57 million, a price-to-earnings ratio of -21.12 and a beta of 0.81. The firm's fifty day simple moving average is $33.34 and its 200 day simple moving average is $32.87. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. As a group, research analysts predict that Washington Trust Bancorp will post 2.7 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 6.84%. The ex-dividend date of this dividend was Thursday, January 2nd. Washington Trust Bancorp's payout ratio is -144.52%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WASH. StockNews.com upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Friday. 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 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.