Short Interest in Washington Trust Bancorp, Inc. (NASDAQ:WASH) Declines By 13.4%

Washington Trust Bancorp, Inc. (NASDAQ:WASH) was the target of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 388,600 shares, a decrease of 13.4% from the February 28th total of 448,500 shares. Based on an average daily volume of 200,500 shares, the short-interest ratio is currently 1.9 days. Approximately 2.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Zacks Investment Management bought a new position in shares of Washington Trust Bancorp in the third quarter valued at approximately $1,258,000. Proficio Capital Partners LLC bought a new stake in Washington Trust Bancorp during the 4th quarter worth approximately $1,955,000. Barclays PLC lifted its stake in 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 in the last quarter. Jane Street Group LLC boosted its holdings in Washington Trust Bancorp by 95.6% in the 3rd quarter. Jane Street Group LLC now owns 36,640 shares of the financial services provider’s stock valued at $1,180,000 after purchasing an additional 17,906 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Washington Trust Bancorp by 60.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock valued at $2,150,000 after purchasing an additional 25,029 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on WASH shares. Seaport Res Ptn raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, March 14th. StockNews.com raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 31st.

Washington Trust Bancorp Stock Performance

Shares of WASH stock opened at $30.06 on Thursday. The firm’s 50 day moving average is $31.70 and its 200 day moving average is $33.10. The stock has a market capitalization of $579.44 million, a P/E ratio of -19.39 and a beta of 0.80. Washington Trust Bancorp has a 12 month low of $24.11 and a 12 month high of $40.59. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 2.63.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results 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 positive return on equity of 8.99% and a negative net margin of 6.90%. On average, sell-side analysts anticipate that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be paid a $0.56 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.24 annualized dividend and a yield of 7.45%. Washington Trust Bancorp’s dividend payout ratio is currently -144.52%.

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.