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

Key Points

• Washington Trust Bancorp saw a 22.4% increase in short interest in April to 1,022,287 shares, representing about 5.4% of shares sold short and a days-to-cover ratio of 6.0.
• Senior insiders increased their stakes — EVP James Cannon Brown bought 32,000 shares (~$997,440) and CFO Ronald Ohsberg bought 1,606 shares, with insiders purchasing 36,801 shares in the last 90 days.
• The stock opened near $31.02 (down ~3%), the company yields 7.2% ($0.56 quarterly) with an 82% payout ratio, and it recently missed quarterly EPS ($0.66 vs. $0.77 consensus).

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) was the recipient of a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 1,022,287 shares, an increase of 22.4% from the March 31st total of 835,420 shares. Approximately 5.4% of the company's shares are sold short. Based on an average daily trading volume, of 170,985 shares, the days-to-cover ratio is presently 6.0 days.

Insider Activity

In other news, CFO Ronald S. Ohsberg purchased 1,606 shares of Washington Trust Bancorp stock in a transaction dated Friday, April 24th. The shares were purchased at an average price of $31.00 per share, with a total value of $49,786.00. Following the transaction, the chief financial officer owned 29,705 shares in the company, valued at $920,855. This represents a 5.72% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Cannon Brown purchased 32,000 shares of Washington Trust Bancorp stock in a transaction dated Thursday, April 23rd. The shares were purchased at an average cost of $31.17 per share, for a total transaction of $997,440.00. Following the transaction, the executive vice president owned 37,280 shares in the company, valued at approximately $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. In the last 90 days, insiders have bought 36,801 shares of company stock valued at $1,147,293. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors have recently modified their holdings of the business. Federated Hermes Inc. grew its stake in shares of Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after acquiring an additional 420 shares in the last quarter. Signaturefd LLC grew its stake in shares of Washington Trust Bancorp by 14.0% in the fourth quarter. Signaturefd LLC now owns 3,911 shares of the financial services provider's stock worth $116,000 after acquiring an additional 481 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Washington Trust Bancorp by 11.7% in the third quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider's stock worth $145,000 after acquiring an additional 526 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after acquiring an additional 542 shares in the last quarter. Finally, Brown Lisle Cummings Inc. grew its stake in shares of Washington Trust Bancorp by 1.3% in the first quarter. Brown Lisle Cummings Inc. now owns 47,098 shares of the financial services provider's stock worth $1,576,000 after acquiring an additional 620 shares in the last quarter. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Stock Down 3.0%

Washington Trust Bancorp stock opened at $31.02 on Thursday. Washington Trust Bancorp has a fifty-two week low of $25.23 and a fifty-two week high of $37.08. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a 50 day moving average price of $33.53 and a 200 day moving average price of $31.24. The company has a market capitalization of $590.62 million, a PE ratio of 11.36, a price-to-earnings-growth ratio of 0.68 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its earnings results on Monday, April 20th. The financial services provider reported $0.66 earnings per share 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 company had revenue of $98.35 million during the quarter, compared to analyst estimates of $58.24 million. Research analysts expect that Washington Trust Bancorp will post 3.19 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Wednesday, April 1st were paid a $0.56 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $2.24 annualized dividend and a dividend yield of 7.2%. Washington Trust Bancorp's payout ratio is 82.05%.

Wall Street Analysts Forecast Growth

WASH has been the topic of several analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of 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. Weiss Ratings upgraded shares of Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. Piper Sandler assumed coverage on shares of Washington Trust Bancorp in a report on Monday, March 16th. They issued a "neutral" rating and a $32.00 target price for the company. Wall Street Zen downgraded shares of Washington Trust Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. Finally, Zacks Research downgraded shares of Washington Trust Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus 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.

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