Washington Trust Bancorp (NASDAQ:WASH) Sees Unusually-High Trading Volume on Earnings Beat

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) saw strong trading volume on Tuesday following a better than expected earnings announcement. 304,026 shares were traded during trading, an increase of 97% from the previous session's volume of 154,031 shares.The stock last traded at $28.65 and had previously closed at $29.09.

The financial services provider reported $0.68 EPS for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.14%. The company had revenue of $54.26 million for the quarter, compared to analysts' expectations of $54.07 million. During the same quarter last year, the business earned $0.63 EPS.

Washington Trust Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 8.09%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's payout ratio is currently -148.34%.

Wall Street Analysts Forecast Growth

WASH has been the subject of a number of recent research reports. 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 for the company in a report on Tuesday, April 22nd. Bank of America began coverage on Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price objective for the company. Finally, Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective for the company. in a report on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Washington Trust Bancorp has an average rating of "Hold" and an average target price of $29.00.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Ransom Advisory Ltd purchased a new position in Washington Trust Bancorp in the 1st quarter valued at $40,000. Federated Hermes Inc. acquired a new stake in shares of Washington Trust Bancorp in the 1st quarter worth $53,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Washington Trust Bancorp in the 4th quarter worth $97,000. State of Tennessee Department of Treasury acquired a new stake in shares of Washington Trust Bancorp in the 4th quarter worth $131,000. Finally, Barrett & Company Inc. increased its stake in shares of Washington Trust Bancorp by 10.1% in the 2nd quarter. Barrett & Company Inc. now owns 5,646 shares of the financial services provider's stock worth $160,000 after acquiring an additional 518 shares during the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Stock Down 0.1%

The business has a 50 day simple moving average of $28.28 and a 200-day simple moving average of $29.58. 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 firm has a market capitalization of $534.36 million, a price-to-earnings ratio of -18.34, a P/E/G ratio of 0.98 and a beta of 0.90.

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.