Washington Trust Bancorp, Inc. (NASDAQ:WASH) Sees Large Drop in Short Interest

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

Washington Trust Bancorp Trading Down 1.9 %

Washington Trust Bancorp stock traded down $0.63 during mid-day trading on Tuesday, hitting $32.30. 23,495 shares of the stock were exchanged, compared to its average volume of 183,756. The stock has a market capitalization of $622.02 million, a price-to-earnings ratio of 12.13 and a beta of 0.81. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. Washington Trust Bancorp has a 12 month low of $24.11 and a 12 month high of $40.59. The firm’s fifty day simple moving average is $33.59 and its two-hundred day simple moving average is $32.85.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Thursday, January 2nd were paid a dividend of $0.56 per share. The ex-dividend date was Thursday, January 2nd. This represents a $2.24 annualized dividend and a yield of 6.94%. Washington Trust Bancorp’s dividend payout ratio is currently 83.90%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $30.00 to $34.00 in a research report on Tuesday, October 22nd. StockNews.com cut Washington Trust Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 21st.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of large investors have recently bought and sold shares of WASH. Dimensional Fund Advisors LP boosted its position in shares of Washington Trust Bancorp by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock valued at $22,642,000 after buying an additional 59,115 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Washington Trust Bancorp by 56.6% in the 2nd quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock worth $2,979,000 after buying an additional 39,268 shares during the period. Sei Investments Co. grew its position in shares of Washington Trust Bancorp by 30.8% in the second quarter. Sei Investments Co. now owns 15,669 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 3,687 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Washington Trust Bancorp by 12.3% during the second quarter. AQR Capital Management LLC now owns 136,141 shares of the financial services provider’s stock valued at $3,732,000 after buying an additional 14,910 shares during the period. Finally, Creative Planning increased its holdings in Washington Trust Bancorp by 23.9% during the 2nd quarter. Creative Planning now owns 50,306 shares of the financial services provider’s stock worth $1,379,000 after acquiring an additional 9,708 shares during the period. 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.