Washington Trust Bancorp, Inc. (NASDAQ:WASH) Short Interest Update

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) saw a significant decline in short interest during 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 days-to-cover ratio is currently 1.8 days.

Washington Trust Bancorp Stock Performance

Shares of Washington Trust Bancorp stock traded up $0.37 on Monday, reaching $29.95. 250,157 shares of the stock were exchanged, compared to its average volume of 224,165. The firm has a market capitalization of $576.75 million, a PE ratio of 11.22 and a beta of 0.81. Washington Trust Bancorp has a 1-year low of $24.11 and a 1-year high of $40.59. The business has a fifty day moving average price of $34.87 and a two-hundred day moving average price of $32.42. 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 - Get Free Report) last released its earnings results 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. The company had revenue of $103.86 million for the quarter, compared to analysts' expectations of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same quarter in the previous year, the firm posted $0.65 EPS. As a group, research analysts anticipate that Washington Trust Bancorp will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis 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 currently 83.90%.

Wall Street Analysts Forecast Growth

WASH has been the topic of a number of recent research reports. StockNews.com cut shares of Washington Trust Bancorp from a "hold" rating to a "sell" rating in a report on Saturday. Piper Sandler upgraded shares of Washington Trust Bancorp from an "underweight" rating to a "neutral" rating and lifted their price objective for the company from $30.00 to $34.00 in a research note on Tuesday, October 22nd.

Institutional Investors Weigh In On Washington Trust Bancorp

Several institutional investors have recently made changes to their positions in WASH. Wilmington Savings Fund Society FSB acquired a new stake in shares of Washington Trust Bancorp in the third quarter valued at about $32,000. Barrett & Company Inc. grew its holdings in Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider's stock valued at $151,000 after purchasing an additional 787 shares during the last quarter. CWM LLC boosted its position in shares of Washington Trust Bancorp by 60.5% in the 3rd quarter. CWM LLC now owns 5,048 shares of the financial services provider's stock worth $163,000 after buying an additional 1,902 shares in the last quarter. Sanders Morris Harris LLC purchased a new stake in shares of Washington Trust Bancorp in the 3rd quarter worth about $206,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Washington Trust Bancorp in the 3rd quarter valued at about $209,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

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.

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