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

Key Points

• Short Interest Surge: Washington Trust Bancorp reported a massive increase in short interest, rising by 2,530.7% to a total of 812,900 shares as of July 15th.
• Quarterly Earnings Beat: The company reported an EPS of $0.68 for the quarter ending July 21st, surpassing expectations of $0.63, with revenue slightly above the consensus estimate at $54.26 million.
• Dividend Announcement: Washington Trust Bancorp declared a quarterly dividend of $0.56, reflecting an annualized yield of 8.5%, despite a negative payout ratio of -148.34%.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) saw a large increase in short interest during the month of July. As of July 15th, there was short interest totaling 812,900 shares, anincreaseof2,530.7% from the June 30th total of 30,900 shares. Based on an average trading volume of 143,500 shares, the short-interest ratio is presently 5.7 days. Based on an average trading volume of 143,500 shares, the short-interest ratio is presently 5.7 days.

Washington Trust Bancorp Trading Down 1.9%

NASDAQ:WASH traded down $0.50 during mid-day trading on Friday, hitting $26.44. 93,042 shares of the stock traded hands, compared to its average volume of 171,790. The stock has a market capitalization of $510.03 million, a price-to-earnings ratio of -17.52, a PEG ratio of 0.93 and a beta of 0.90. Washington Trust Bancorp has a 52 week low of $24.95 and a 52 week high of $40.59. The firm's 50 day moving average is $28.12 and its two-hundred day moving average is $29.48. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 1.67.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.63 by $0.05. The company had revenue of $54.26 million for the quarter, compared to the consensus estimate of $54.07 million. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.14%. During the same period in the prior year, the firm posted $0.63 EPS. On average, equities research analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were given a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 8.5%. The ex-dividend date of this dividend was Tuesday, July 1st. Washington Trust Bancorp's payout ratio is -148.34%.

Analyst Ratings Changes

WASH has been the topic of a number of research reports. Piper Sandler downgraded shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price target on the stock. in a report on Tuesday, July 22nd. Keefe, Bruyette & Woods reduced their price target on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a report on Tuesday, April 22nd. Finally, Bank of America assumed coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $29.00.

Institutional Investors Weigh In On Washington Trust Bancorp

Several large investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in shares of Washington Trust Bancorp by 1.2% in the 4th quarter. American Century Companies Inc. now owns 325,169 shares of the financial services provider's stock worth $10,194,000 after purchasing an additional 3,697 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in Washington Trust Bancorp during the fourth quarter valued at approximately $97,000. LPL Financial LLC boosted its stake in Washington Trust Bancorp by 4.2% in the fourth quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock valued at $573,000 after acquiring an additional 738 shares in the last quarter. Vanguard Group Inc. grew its holdings in Washington Trust Bancorp by 10.6% in the fourth quarter. Vanguard Group Inc. now owns 1,033,333 shares of the financial services provider's stock worth $32,395,000 after purchasing an additional 98,802 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in Washington Trust Bancorp by 1,154.4% in the fourth quarter. Prudential Financial Inc. now owns 86,729 shares of the financial services provider's stock worth $2,719,000 after purchasing an additional 79,815 shares during the last quarter. 65.81% of the stock is 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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