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 Friday . The stock had previously closed at $29.55, but opened at $28.95. Washington Trust Bancorp shares last traded at $28.7040, with a volume of 12,157 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently commented on WASH. Piper Sandler decreased their price objective on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a report on Thursday, October 9th. Keefe, Bruyette & Woods boosted their price objective on Washington Trust Bancorp from $29.00 to $30.00 and gave the company a “market perform” rating in a research report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Washington Trust Bancorp presently has a consensus rating of “Hold” and a consensus target price of $28.33.

Washington Trust Bancorp Price Performance

The company has a market cap of $546.16 million, a PE ratio of -18.05, a price-to-earnings-growth ratio of 0.96 and a beta of 0.86. The business has a 50 day moving average of $28.84 and a 200 day moving average of $28.62. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.02 and a quick ratio of 1.01.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 20th. The financial services provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.46 by $0.10. Washington Trust Bancorp had a negative net margin of 6.22% and a positive return on equity of 8.90%. The firm had revenue of $56.47 million during the quarter, compared to analysts’ expectations of $56.39 million. During the same period last year, the company posted $0.64 EPS. As a group, research analysts predict that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current year.

Washington Trust Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 14th. Stockholders of record on Friday, January 2nd will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 7.8%. The ex-dividend date is Friday, January 2nd. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently -140.88%.

Hedge Funds Weigh In On Washington Trust Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. MetLife Investment Management LLC lifted its position in Washington Trust Bancorp by 16.7% during the 1st quarter. MetLife Investment Management LLC now owns 11,170 shares of the financial services provider’s stock valued at $345,000 after acquiring an additional 1,597 shares during the period. Corebridge Financial Inc. increased its stake in shares of Washington Trust Bancorp by 11.4% during the first quarter. Corebridge Financial Inc. now owns 9,380 shares of the financial services provider’s stock valued at $289,000 after purchasing an additional 960 shares in the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Washington Trust Bancorp by 97.8% during the first quarter. EP Wealth Advisors LLC now owns 15,795 shares of the financial services provider’s stock valued at $487,000 after purchasing an additional 7,808 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Washington Trust Bancorp by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 190,729 shares of the financial services provider’s stock worth $5,886,000 after purchasing an additional 9,032 shares in the last quarter. Finally, EJF Capital LLC boosted its position in shares of Washington Trust Bancorp by 1.7% in the 1st quarter. EJF Capital LLC now owns 89,265 shares of the financial services provider’s stock worth $2,755,000 after purchasing an additional 1,494 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.