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

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) gapped down before the market opened on Thursday . The stock had previously closed at $32.48, but opened at $30.99. Washington Trust Bancorp shares last traded at $32.24, with a volume of 28,451 shares traded.

Analysts Set New Price Targets

WASH has been the topic of a number of recent analyst reports. StockNews.com upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Friday. Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Price 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 50 day moving average price of $33.25 and a 200 day moving average price of $32.89.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. As a group, analysts expect that Washington Trust Bancorp, Inc. will post 2.7 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 6.84%. The ex-dividend date of this dividend was Thursday, January 2nd. Washington Trust Bancorp’s payout ratio is currently -144.52%.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors have recently made changes to their positions in the stock. Zacks Investment Management acquired a new position in shares of Washington Trust Bancorp in the third quarter worth approximately $1,258,000. Barclays PLC lifted its position in shares of Washington Trust Bancorp by 44.9% in the 3rd quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock worth $1,717,000 after purchasing an additional 16,511 shares during the period. Aptus Capital Advisors LLC boosted its stake in shares of Washington Trust Bancorp by 15.6% in the 3rd quarter. Aptus Capital Advisors LLC now owns 103,832 shares of the financial services provider’s stock valued at $3,344,000 after purchasing an additional 14,028 shares during the last quarter. Jane Street Group LLC increased its position in shares of Washington Trust Bancorp by 95.6% during the third quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock worth $1,180,000 after buying an additional 17,906 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Washington Trust Bancorp by 60.0% during the third quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock worth $2,150,000 after buying an additional 25,029 shares during the period. Institutional investors own 65.81% of the company’s stock.

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.