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

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) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totaling 812,900 shares, agrowthof2,530.7% from the June 30th total of 30,900 shares. Based on an average daily trading volume, of 143,500 shares, the short-interest ratio is currently 5.7 days. Based on an average daily trading volume, of 143,500 shares, the short-interest ratio is currently 5.7 days.

Analysts Set New Price Targets

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

Washington Trust Bancorp Trading Down 0.4%

WASH stock traded down $0.10 during trading on Tuesday, hitting $26.88. 51,058 shares of the company traded hands, compared to its average volume of 171,368. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50-day moving average of $28.07 and a 200-day moving average of $29.36. The firm has a market capitalization of $518.42 million, a PE ratio of -17.82, a P/E/G ratio of 0.75 and a beta of 0.91. Washington Trust Bancorp has a 1 year low of $24.95 and a 1 year high of $40.59.

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

Washington Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were paid a $0.56 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $2.24 annualized dividend and a dividend yield of 8.3%. Washington Trust Bancorp's dividend payout ratio is presently -148.34%.

Institutional Trading of Washington Trust Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its holdings in shares of Washington Trust Bancorp by 6,117.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock valued at $12,658,000 after buying an additional 397,255 shares during the period. Millennium Management LLC increased its stake in Washington Trust Bancorp by 3,240.0% in the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock worth $7,096,000 after buying an additional 219,578 shares in the last quarter. Franklin Resources Inc. purchased a new stake in Washington Trust Bancorp in the 4th quarter worth $6,824,000. Wellington Management Group LLP bought a new stake in shares of Washington Trust Bancorp in the fourth quarter worth about $4,853,000. Finally, Soros Fund Management LLC bought a new stake in shares of Washington Trust Bancorp in the fourth quarter worth about $4,232,000. Hedge funds and other institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Company Profile

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.