Washington Trust Bancorp (NASDAQ:WASH) Sees Strong Trading Volume – Here’s What Happened

Washington Trust Bancorp, Inc. (NASDAQ:WASH) saw unusually-strong trading volume on Wednesday . Approximately 174,048 shares were traded during mid-day trading, an increase of 89% from the previous session’s volume of 92,285 shares.The stock last traded at $35.82 and had previously closed at $35.11.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler raised shares of 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 report on Tuesday, October 22nd.

Washington Trust Bancorp Price Performance

The stock’s fifty day moving average is $32.28 and its 200-day moving average is $29.13. The stock has a market capitalization of $607.46 million, a PE ratio of 13.20 and a beta of 0.79. The company has a debt-to-equity ratio of 3.34, a current ratio of 1.15 and a quick ratio of 1.14.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.71%. The firm had revenue of $103.86 million for the quarter, compared to the consensus estimate of $47.32 million. During the same period in the prior year, the firm posted $0.65 earnings per share. As a group, equities analysts predict that Washington Trust Bancorp, Inc. will post 2.49 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 6.29%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is presently 82.66%.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Washington Trust Bancorp by 7.7% during the second 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 raised its position in Washington Trust Bancorp by 10.6% during the first 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. raised its position in Washington Trust Bancorp by 16.5% during the second 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 raised its position in Washington Trust Bancorp by 1.4% during the second 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 raised its position in Washington Trust Bancorp by 12.3% during the second 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.