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

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares gapped down prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. StockNews.com raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Friday. Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $30.00 to $34.00 in a research note on Tuesday, October 22nd.

Washington Trust Bancorp Stock Performance

The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The company’s 50-day moving average price is $33.25 and its two-hundred day moving average price is $32.89.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. Equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.7 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 6.84%. The ex-dividend date of this dividend was Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is -144.52%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently modified their holdings of the business. State of New Jersey Common Pension Fund D raised its holdings in Washington Trust Bancorp by 0.6% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock valued at $2,375,000 after acquiring an additional 472 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in shares of Washington Trust Bancorp by 1.5% in the fourth quarter. Kestra Private Wealth Services LLC now owns 36,015 shares of the financial services provider’s stock worth $1,129,000 after purchasing an additional 544 shares during the period. SG Americas Securities LLC raised its stake in Washington Trust Bancorp by 5.9% in the fourth quarter. SG Americas Securities LLC now owns 12,229 shares of the financial services provider’s stock valued at $383,000 after purchasing an additional 682 shares in the last quarter. Essex Financial Services Inc. lifted its position in Washington Trust Bancorp by 10.9% during the fourth quarter. Essex Financial Services Inc. now owns 7,366 shares of the financial services provider’s stock worth $231,000 after purchasing an additional 726 shares during the period. Finally, Inspire Advisors LLC grew its stake in Washington Trust Bancorp by 1.3% during the third quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock worth $1,820,000 after buying an additional 733 shares in the last quarter. 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.