Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Down – Time to Sell?

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s stock price 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 traded.

Analyst Ratings Changes

WASH has been the topic of a number of recent research reports. StockNews.com cut Washington Trust Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, January 21st. Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Stock Down 0.2 %

The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10. The company’s fifty day moving average price is $33.43 and its 200-day moving average price is $32.87. The stock has a market cap of $624.41 million, a P/E ratio of 12.14 and a beta of 0.81.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%. Equities analysts forecast that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Thursday, January 2nd were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 6.91%. The ex-dividend date was Thursday, January 2nd. Washington Trust Bancorp’s dividend payout ratio (DPR) is 83.90%.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WASH. State of New Jersey Common Pension Fund D grew its stake in shares of Washington Trust Bancorp by 0.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 73,721 shares of the financial services provider’s stock worth $2,375,000 after purchasing an additional 472 shares during the period. Kestra Private Wealth Services LLC boosted its holdings in Washington Trust Bancorp by 1.5% during 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 buying an additional 544 shares in the last quarter. SG Americas Securities LLC grew its position in Washington Trust Bancorp by 5.9% during the fourth quarter. SG Americas Securities LLC now owns 12,229 shares of the financial services provider’s stock valued at $383,000 after buying an additional 682 shares during the period. Essex Financial Services Inc. increased its holdings in Washington Trust Bancorp by 10.9% in the fourth quarter. Essex Financial Services Inc. now owns 7,366 shares of the financial services provider’s stock valued at $231,000 after buying an additional 726 shares in the last quarter. Finally, Inspire Advisors LLC raised its position in shares of Washington Trust Bancorp by 1.3% in the third quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock worth $1,820,000 after acquiring an additional 733 shares during the period. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

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.