Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Down to $32.21

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) gapped down before the market opened on Tuesday . The stock had previously closed at $32.21, but opened at $31.47. Washington Trust Bancorp shares last traded at $31.00, with a volume of 3,867 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, June 17th.

Washington Trust Bancorp Price Performance

The company has a debt-to-equity ratio of 3.34, a quick ratio of 1.14 and a current ratio of 1.15. The stock has a market capitalization of $525.77 million, a price-to-earnings ratio of 11.24 and a beta of 0.79. The company has a 50-day moving average of $31.23 and a 200-day moving average of $28.09.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.14. Washington Trust Bancorp had a return on equity of 9.95% and a net margin of 11.51%. The firm had revenue of $102.66 million during the quarter, compared to the consensus estimate of $46.06 million. During the same period in the previous year, the firm posted $0.66 EPS. As a group, equities research analysts expect that Washington Trust Bancorp, Inc. will post 2.38 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Tuesday, October 1st will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Tuesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 7.27%. Washington Trust Bancorp’s dividend payout ratio is currently 82.66%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in Washington Trust Bancorp by 7.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock worth $22,642,000 after acquiring an additional 59,115 shares during the period. ProShare Advisors LLC grew its stake in Washington Trust Bancorp by 10.6% in the 1st quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock worth $7,834,000 after acquiring an additional 27,979 shares during the period. American Century Companies Inc. grew its stake in Washington Trust Bancorp by 16.5% in the 2nd quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock worth $7,755,000 after acquiring an additional 40,122 shares during the period. Bank of New York Mellon Corp grew its stake in Washington Trust Bancorp by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock worth $4,094,000 after acquiring an additional 1,996 shares during the period. Finally, AQR Capital Management LLC grew its stake in Washington Trust Bancorp by 12.3% in the 2nd quarter. AQR Capital Management LLC now owns 136,141 shares of the financial services provider’s stock worth $3,732,000 after acquiring an additional 14,910 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.