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

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) gapped down prior to trading on Friday . The stock had previously closed at $36.30, but opened at $35.40. Washington Trust Bancorp shares last traded at $35.01, with a volume of 214,026 shares changing hands.

Analyst Ratings Changes

Separately, Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Down 3.5 %

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 stock has a market cap of $597.96 million, a price-to-earnings ratio of 13.12 and a beta of 0.79. The firm has a 50 day simple moving average of $35.69 and a two-hundred day simple moving average of $31.58.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.08. The business had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. During the same quarter last year, the firm earned $0.65 EPS. As a group, sell-side analysts expect that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.39%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is currently 83.90%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new stake in shares of Washington Trust Bancorp during the third quarter worth about $32,000. CWM LLC increased its stake in Washington Trust Bancorp by 29.9% during the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 725 shares in the last quarter. Barrett & Company Inc. raised its holdings in Washington Trust Bancorp by 20.1% during the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after buying an additional 787 shares during the period. Sanders Morris Harris LLC bought a new position in Washington Trust Bancorp in the third quarter valued at approximately $206,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Washington Trust Bancorp in the third quarter valued at approximately $209,000. 65.81% of the stock is 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.