Washington Trust Bancorp, Inc. (NASDAQ:WASH) Sees Significant Increase in Short Interest

Washington Trust Bancorp, Inc. (NASDAQ:WASH) was the target of a significant growth in short interest in the month of April. As of April 15th, there was short interest totaling 1,022,287 shares, a growth of 22.4% from the March 31st total of 835,420 shares. Based on an average daily volume of 170,985 shares, the short-interest ratio is currently 6.0 days. Approximately 5.4% of the shares of the company are sold short.

Washington Trust Bancorp Price Performance

Shares of Washington Trust Bancorp stock opened at $31.43 on Friday. The stock’s 50-day simple moving average is $33.45 and its 200-day simple moving average is $31.24. Washington Trust Bancorp has a 52 week low of $25.23 and a 52 week high of $37.08. The company has a market capitalization of $598.43 million, a price-to-earnings ratio of 11.51, a PEG ratio of 0.66 and a beta of 0.81. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.19.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.11). Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.85%. The business had revenue of $98.35 million during the quarter, compared to analysts’ expectations of $58.24 million. As a group, analysts expect that Washington Trust Bancorp will post 3.19 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.1%. The ex-dividend date was Wednesday, April 1st. Washington Trust Bancorp’s payout ratio is presently 82.05%.

Insider Buying and Selling at Washington Trust Bancorp

In related news, CEO Edward O. Handy III purchased 3,195 shares of the business’s stock in a transaction on Monday, April 27th. The stock was acquired at an average price of $31.32 per share, with a total value of $100,067.40. Following the completion of the acquisition, the chief executive officer owned 51,442 shares of the company’s stock, valued at approximately $1,611,163.44. This trade represents a 6.62% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP James Cannon Brown purchased 32,000 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were bought at an average cost of $31.17 per share, with a total value of $997,440.00. Following the acquisition, the executive vice president directly owned 37,280 shares of the company’s stock, valued at $1,162,017.60. This trade represents a 606.06% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 36,801 shares of company stock valued at $1,147,293. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC lifted its position in shares of Washington Trust Bancorp by 181.6% in the first quarter. Hsbc Holdings PLC now owns 28,606 shares of the financial services provider’s stock worth $953,000 after buying an additional 18,448 shares in the last quarter. First Horizon Corp purchased a new stake in shares of Washington Trust Bancorp in the first quarter worth about $9,912,000. Baxter Bros Inc. purchased a new stake in shares of Washington Trust Bancorp in the first quarter worth about $201,000. Essex Financial Services Inc. purchased a new stake in shares of Washington Trust Bancorp in the first quarter worth about $206,000. Finally, Barry Investment Advisors LLC purchased a new stake in shares of Washington Trust Bancorp in the first quarter worth about $202,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Piper Sandler assumed coverage on Washington Trust Bancorp in a report on Monday, March 16th. They set a “neutral” rating and a $32.00 price target for the company. Zacks Research lowered Washington Trust Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, April 6th. Weiss Ratings upgraded Washington Trust Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, April 21st. Keefe, Bruyette & Woods boosted their price objective on Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, January 30th. Finally, Wall Street Zen downgraded Washington Trust Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Washington Trust Bancorp presently has an average rating of “Hold” and an average price target of $31.33.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.