Short Interest in Washington Trust Bancorp, Inc. (NASDAQ:WASH) Expands By 27.3%

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) saw a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 827,700 shares, a growth of 27.3% from the March 31st total of 650,300 shares. Currently, 4.4% of the company's stock are sold short. Based on an average daily volume of 195,900 shares, the days-to-cover ratio is presently 4.2 days.

Wall Street Analyst Weigh In

WASH has been the subject of a number of recent research reports. StockNews.com upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Friday, January 31st. Seaport Res Ptn upgraded shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 14th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH traded down $0.21 during midday trading on Wednesday, reaching $27.89. 39,845 shares of the company traded hands, compared to its average volume of 190,520. The firm has a market capitalization of $537.61 million, a price-to-earnings ratio of -18.01 and a beta of 0.89. The company has a fifty day moving average price of $28.95 and a 200 day moving average price of $32.21. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. Washington Trust Bancorp has a twelve month low of $24.70 and a twelve month high of $40.59.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The financial services provider reported $0.61 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.01). Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. The firm had revenue of $59.07 million for the quarter, compared to the consensus estimate of $53.16 million. On average, analysts expect that Washington Trust Bancorp will post 2.76 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 8.03%. The ex-dividend date of this dividend was Tuesday, April 1st. Washington Trust Bancorp's dividend payout ratio is presently -143.59%.

Institutional Investors Weigh In On Washington Trust Bancorp

Several large investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at $32,000. Hantz Financial Services Inc. increased its position in shares of Washington Trust Bancorp by 15,152.6% in the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider's stock worth $91,000 after acquiring an additional 2,879 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Washington Trust Bancorp during the fourth quarter valued at approximately $97,000. State of Tennessee Department of Treasury purchased a new stake in shares of Washington Trust Bancorp in the 4th quarter valued at approximately $131,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Washington Trust Bancorp by 38.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,364 shares of the financial services provider's stock worth $196,000 after purchasing an additional 1,757 shares during the period. 65.81% of the stock is owned by 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.