Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get Rating) saw a significant increase in short-term interest in the month of June. As of June 15, there was short interest totaling 563,100 shares, an increase of 21.2% from the total of 464,700 shares as of May 31. Currently, 3.8% of the company’s shares are sold short. Based on an average daily volume of 57,900 shares, the days-to-cover ratio is currently 9.7 days.
Shares of Washington Trust Bancorp opened at $49.22 on Tuesday. The company’s 50-day simple moving average is $48.46 and its 200-day simple moving average is $52.60. Washington Trust Bancorp has a 52-week low of $45.60 and a 52-week high of $60.96. The company has a market capitalization of $854.16 million, a PE ratio of 11.83 and a beta of 0.74. The company has a debt ratio of 0.15, a quick ratio of 0.87 and a current ratio of 0.88.
Washington Trust Bancorp (NASDAQ:WASH – Get Rating) released its quarterly results for the last time on Monday, April 25. The financial services provider reported earnings per share of $0.94 for the quarter, beating consensus analyst estimates of $0.91 by $0.03. The company posted revenue of $52.25 million in the quarter, versus a consensus estimate of $53.40 million. Washington Trust Bancorp had a return on equity of 13.35% and a net margin of 30.69%. During the same period last year, the company earned earnings per share of $1.17. As a group, equity research analysts expect Washington Trust Bancorp to post EPS of 3.82 for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 8. Shareholders of record on Friday, July 1 will receive a dividend of $0.54. The ex-dividend date is Thursday, June 30. This represents a dividend of $2.16 on an annualized basis and a yield of 4.39%. Washington Trust Bancorp’s dividend payout ratio is 51.92%.
WASH has been the subject of a number of research analyst reports. StockNews.com supported coverage of Washington Trust Bancorp in a research report Thursday, March 31. They have set a “holding” rating on the stock. Piper Sandler downgraded Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a target price of $56.00 for the stock. in a research report on Thursday, April 7.
A number of hedge funds have recently bought and sold shares of WASH. Invesco Ltd. increased its stake in Washington Trust Bancorp by 7.2% in the third quarter. Invesco Ltd. now owns 32,180 shares of the financial services provider valued at $1,705,000 after purchasing an additional 2,169 shares last quarter. Janney Montgomery Scott LLC increased its stake in shares of Washington Trust Bancorp by 4.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 7,016 shares of the financial services provider worth $395,000 after acquiring 300 additional shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Washington Trust Bancorp during Q4 for a value of approximately $652,000. CWM LLC bought a new position in shares of Washington Trust Bancorp during the 4th quarter for a value of approximately $40,000. Finally, Qube Research & Technologies Ltd increased its stake in Washington Trust Bancorp shares by 149.5% during the 4th quarter. Qube Research & Technologies Ltd now owns 19,305 shares of the financial services provider worth $1,088,000 after acquiring an additional 11,567 shares during the period. Hedge funds and other institutional investors own 77.37% of the company’s shares.
Washington Trust Bancorp Company Profile (Get an assessment)
Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgage loans and construction loans; commercial and industrial loans; residential real estate loans which consist of homeowner mortgages and construction loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.
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