Washington Trust Bancorp, Inc. (NASDAQ:WASH) Short Interest Down 67.1% in January

Washington Trust Bancorp, Inc. (NASDAQ:WASH) saw a large drop in short interest in the month of January. As of January 15th, there was short interest totalling 322,600 shares, a drop of 67.1% from the December 31st total of 980,700 shares. Based on an average daily trading volume, of 178,700 shares, the days-to-cover ratio is currently 1.8 days.

Institutional Trading of Washington Trust Bancorp

A number of hedge funds have recently bought and sold shares of WASH. State of New Jersey Common Pension Fund D grew its position in shares of Washington Trust Bancorp by 0.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock valued at $2,375,000 after purchasing an additional 472 shares in the last quarter. Kestra Private Wealth Services LLC grew its holdings in Washington Trust Bancorp by 1.5% during the 4th quarter. Kestra Private Wealth Services LLC now owns 36,015 shares of the financial services provider’s stock valued at $1,129,000 after buying an additional 544 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Washington Trust Bancorp by 5.9% during the fourth quarter. SG Americas Securities LLC now owns 12,229 shares of the financial services provider’s stock valued at $383,000 after buying an additional 682 shares during the period. Inspire Advisors LLC lifted its holdings in shares of Washington Trust Bancorp by 1.3% in the third quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock worth $1,820,000 after buying an additional 733 shares in the last quarter. Finally, Barrett & Company Inc. boosted its position in shares of Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 787 shares during the period. 65.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WASH has been the topic of several research reports. StockNews.com lowered shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 21st. Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their target price for the stock from $30.00 to $34.00 in a research report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Up 0.6 %

Shares of NASDAQ WASH traded up $0.19 during trading on Wednesday, hitting $32.55. The stock had a trading volume of 12,950 shares, compared to its average volume of 182,891. Washington Trust Bancorp has a 12 month low of $24.11 and a 12 month high of $40.59. The company has a market capitalization of $626.78 million, a PE ratio of 12.22 and a beta of 0.81. The firm has a fifty day moving average of $33.50 and a two-hundred day moving average of $32.88. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.88%. The ex-dividend date was Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is presently 83.90%.

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.