Washington Trust Bancorp, Inc. (NASDAQ:WASH) Short Interest Down 13.4% in March

Washington Trust Bancorp, Inc. (NASDAQ:WASH) was the recipient of a large drop in short interest in the month of March. As of March 15th, there was short interest totalling 388,600 shares, a drop of 13.4% from the February 28th total of 448,500 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average trading volume of 200,500 shares, the days-to-cover ratio is presently 1.9 days.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds have recently modified their holdings of WASH. Wellington Management Group LLP acquired a new position in Washington Trust Bancorp in the fourth quarter valued at about $4,853,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Washington Trust Bancorp by 4.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 39,784 shares of the financial services provider’s stock valued at $1,247,000 after acquiring an additional 1,702 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Washington Trust Bancorp during the 4th quarter worth approximately $449,000. Two Sigma Investments LP boosted its position in shares of Washington Trust Bancorp by 36.4% during the 4th quarter. Two Sigma Investments LP now owns 90,380 shares of the financial services provider’s stock worth $2,833,000 after purchasing an additional 24,132 shares during the period. Finally, Maven Securities LTD acquired a new stake in Washington Trust Bancorp in the 4th quarter valued at approximately $314,000. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Price Performance

Washington Trust Bancorp stock opened at $29.86 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63. The company has a 50-day moving average price of $31.75 and a 200 day moving average price of $33.12. Washington Trust Bancorp has a 12-month low of $24.11 and a 12-month high of $40.59. The stock has a market cap of $575.58 million, a P/E ratio of -19.26 and a beta of 0.80.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. Sell-side analysts anticipate that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a $0.56 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.24 dividend on an annualized basis and a yield of 7.50%. Washington Trust Bancorp’s dividend payout ratio is currently -144.52%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on WASH. StockNews.com upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 31st. Seaport Res Ptn upgraded Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 14th.

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.