Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Down to $32.21

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares gapped down before the market opened on Tuesday . The stock had previously closed at $32.21, but opened at $31.47. Washington Trust Bancorp shares last traded at $31.00, with a volume of 3,867 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, June 17th.

Washington Trust Bancorp Stock Performance

The company has a current ratio of 1.15, a quick ratio of 1.14 and a debt-to-equity ratio of 3.34. The stock has a market cap of $525.77 million, a price-to-earnings ratio of 11.24 and a beta of 0.79. The stock’s 50 day moving average is $31.23 and its two-hundred day moving average is $28.09.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.14. Washington Trust Bancorp had a return on equity of 9.95% and a net margin of 11.51%. The firm had revenue of $102.66 million for the quarter, compared to analyst estimates of $46.06 million. During the same quarter last year, the company posted $0.66 earnings per share. Analysts anticipate that Washington Trust Bancorp, Inc. will post 2.38 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.27%. The ex-dividend date of this dividend is Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is currently 82.66%.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in WASH. EntryPoint Capital LLC lifted its position in Washington Trust Bancorp by 86.3% in the first quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 734 shares during the period. CWM LLC lifted its position in Washington Trust Bancorp by 29.9% in the second quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after purchasing an additional 725 shares during the period. IFG Advisory LLC acquired a new stake in Washington Trust Bancorp in the second quarter valued at about $211,000. SG Americas Securities LLC acquired a new stake in Washington Trust Bancorp in the second quarter valued at about $232,000. Finally, BNP Paribas Financial Markets lifted its position in shares of Washington Trust Bancorp by 139.1% during the 1st quarter. BNP Paribas Financial Markets now owns 9,560 shares of the financial services provider’s stock valued at $257,000 after acquiring an additional 5,562 shares during the period. 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.