Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Down – Here’s Why

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) gapped down prior to trading on Friday . The stock had previously closed at $36.30, but opened at $35.40. Washington Trust Bancorp shares last traded at $35.01, with a volume of 214,026 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd.

Washington Trust Bancorp Stock Performance

The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The stock has a market capitalization of $597.96 million, a price-to-earnings ratio of 13.12 and a beta of 0.79. The stock’s 50-day simple moving average is $35.69 and its 200 day simple moving average is $31.58.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. The company had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. Analysts expect that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 6.39%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp’s payout ratio is presently 83.90%.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of large investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new stake in shares of Washington Trust Bancorp in the third quarter valued at approximately $32,000. CWM LLC increased its stake in shares of Washington Trust Bancorp by 29.9% in the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after buying an additional 725 shares during the period. Barrett & Company Inc. raised its position in shares of Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 787 shares during the last quarter. Sanders Morris Harris LLC acquired a new position in shares of Washington Trust Bancorp during the third quarter valued at $206,000. Finally, The Manufacturers Life Insurance Company bought a new position in Washington Trust Bancorp in the third quarter valued at about $209,000. 65.81% of the stock is currently owned by institutional investors and hedge funds.

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.