Washington Trust Bancorp (NASDAQ:WASH) Announces Quarterly Earnings Results

Washington Trust Bancorp (NASDAQ:WASH) announced its quarterly earnings data on Monday. The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.09), FiscalAI reports. The business had revenue of $98.35 million during the quarter, compared to the consensus estimate of $58.24 million. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.75%.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH traded up $0.13 during midday trading on Monday, hitting $36.10. The stock had a trading volume of 116,251 shares, compared to its average volume of 154,942. The company has a market capitalization of $687.34 million, a PE ratio of 13.37, a P/E/G ratio of 0.72 and a beta of 0.81. The stock has a 50 day simple moving average of $34.20 and a 200-day simple moving average of $31.07. Washington Trust Bancorp has a 1 year low of $25.23 and a 1 year high of $37.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.19.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 6.2%. The ex-dividend date was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is 82.96%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Wall Street Zen raised Washington Trust Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, April 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Piper Sandler started coverage on Washington Trust Bancorp in a research report on Monday, March 16th. They set a “neutral” rating and a $32.00 price objective on the stock. Keefe, Bruyette & Woods increased their price target on Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Friday, January 30th. Finally, Zacks Research cut Washington Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $31.33.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC purchased a new position in Washington Trust Bancorp during the fourth quarter worth approximately $368,000. Mercer Global Advisors Inc. ADV purchased a new stake in Washington Trust Bancorp in the fourth quarter valued at $249,000. EP Wealth Advisors LLC purchased a new stake in Washington Trust Bancorp in the fourth quarter valued at $484,000. Mackenzie Financial Corp purchased a new stake in Washington Trust Bancorp in the fourth quarter valued at $222,000. Finally, Empowered Funds LLC purchased a new stake in Washington Trust Bancorp in the fourth quarter valued at $299,000. 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.