Washington Trust Bancorp (NASDAQ:WASH) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) saw unusually-high trading volume on Tuesday following a better than expected earnings announcement. Approximately 304,026 shares traded hands 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. The company had revenue of $54.26 million during the quarter, compared to the consensus estimate 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.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $2.24 annualized dividend and a yield of 8.08%. Washington Trust Bancorp's payout ratio is -143.59%.

Analyst Ratings Changes

A number of analysts have recently issued reports on WASH shares. Piper Sandler cut Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective on the stock. in a research report on Tuesday. Bank of America started coverage on Washington Trust Bancorp in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price objective on the stock. Finally, Keefe, Bruyette & Woods decreased their price objective on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $29.00.

Institutional Trading of Washington Trust Bancorp

Several hedge funds have recently added to or reduced their stakes in the business. Barrett & Company Inc. grew its stake in Washington Trust Bancorp by 10.1% in the second quarter. Barrett & Company Inc. now owns 5,646 shares of the financial services provider's stock valued at $160,000 after purchasing an additional 518 shares in the last quarter. Brown Lisle Cummings Inc. lifted its stake in shares of Washington Trust Bancorp by 9.3% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 33,438 shares of the financial services provider's stock worth $946,000 after buying an additional 2,839 shares during the last quarter. Ransom Advisory Ltd acquired a new stake in Washington Trust Bancorp during the first quarter worth approximately $40,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Washington Trust Bancorp by 17.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider's stock worth $350,000 after acquiring an additional 1,708 shares during the last quarter. Finally, EJF Capital LLC lifted its position in Washington Trust Bancorp by 1.7% during the first quarter. EJF Capital LLC now owns 89,265 shares of the financial services provider's stock worth $2,755,000 after acquiring an additional 1,494 shares during the last quarter. Institutional investors and hedge funds own 65.81% of the company's stock.

Washington Trust Bancorp Price Performance

The company has a debt-to-equity ratio of 1.67, a current ratio of 1.03 and a quick ratio of 1.03. The company's 50-day simple moving average is $28.32 and its 200-day simple moving average is $29.60. The stock has a market capitalization of $534.72 million, a price-to-earnings ratio of -18.36, a P/E/G ratio of 0.99 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.