Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Down – Should You Sell?

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s share 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.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, January 21st. Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd.

Washington Trust Bancorp Price Performance

The business’s 50-day moving average price is $33.43 and its 200 day moving average price is $32.87. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The company has a market capitalization 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 quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. Analysts anticipate that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current fiscal year.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were issued a $0.56 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.91%. Washington Trust Bancorp’s payout ratio is 83.90%.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of large investors have recently bought and sold shares of WASH. Wilmington Savings Fund Society FSB purchased a new stake in Washington Trust Bancorp in the third quarter worth about $32,000. Hantz Financial Services Inc. boosted its position in shares of Washington Trust Bancorp by 15,152.6% during the fourth quarter. Hantz Financial Services Inc. now owns 2,898 shares of the financial services provider’s stock valued at $91,000 after purchasing an additional 2,879 shares in the last quarter. Barrett & Company Inc. grew its stake in Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 787 shares during the period. CWM LLC raised its holdings in Washington Trust Bancorp by 60.5% in the third quarter. CWM LLC now owns 5,048 shares of the financial services provider’s stock worth $163,000 after purchasing an additional 1,902 shares in the last quarter. Finally, Sanders Morris Harris LLC purchased a new position in Washington Trust Bancorp during the third quarter valued at $206,000. 65.81% of the stock is 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.