Washington Trust Bancorp (NASDAQ:WASH) Sees Strong Trading Volume – Here’s Why

Washington Trust Bancorp, Inc. (NASDAQ:WASH) saw unusually-high trading volume on Monday . Approximately 136,617 shares changed hands during trading, an increase of 34% from the previous session’s volume of 102,277 shares.The stock last traded at $34.59 and had previously closed at $35.03.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WASH. Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and raised their price target for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd. StockNews.com lowered shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday.

Washington Trust Bancorp Price Performance

The company has a market capitalization of $527.99 million, a PE ratio of 11.59 and a beta of 0.79. 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’s 50 day moving average price is $35.83 and its 200-day moving average price is $31.74.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly 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. The firm had revenue of $103.86 million during the quarter, compared to the consensus estimate of $47.32 million. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. During the same quarter in the previous year, the business earned $0.65 earnings per share. On average, sell-side analysts forecast 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. Investors of record on Tuesday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 7.24%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wilmington Savings Fund Society FSB purchased a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at $32,000. Barrett & Company Inc. increased its holdings in Washington Trust Bancorp by 20.1% in the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 787 shares in the last quarter. CWM LLC raised its position in Washington Trust Bancorp by 60.5% in the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock valued at $163,000 after purchasing an additional 1,902 shares during the period. Sanders Morris Harris LLC acquired a new position in shares of Washington Trust Bancorp during the third quarter worth about $206,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Washington Trust Bancorp in the third quarter worth about $209,000. 65.81% of the stock is owned by institutional investors and hedge funds.

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.