Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Down on Disappointing Earnings

Washington Trust Bancorp, Inc. (NASDAQ:WASH) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $36.10, but opened at $31.36. Washington Trust Bancorp shares last traded at $31.7220, with a volume of 63,528 shares.

The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). The business had revenue of $98.35 million during the quarter, compared to analysts’ expectations of $58.24 million. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%.

Washington Trust Bancorp Dividend Announcement

The business 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 7.1%. The ex-dividend date of this dividend was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 82.96%.

Analysts Set New Price Targets

WASH has been the topic of several research analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, January 30th. Zacks Research cut Washington Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Wall Street Zen upgraded Washington Trust Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, April 11th. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, January 21st. Finally, 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 target on the stock. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $31.33.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of WASH. Foster Dykema Cabot & Partners LLC bought a new position in shares of Washington Trust Bancorp during the third quarter valued at approximately $27,000. EverSource Wealth Advisors LLC grew its stake in shares of Washington Trust Bancorp by 114.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock worth $30,000 after buying an additional 542 shares during the last quarter. Federated Hermes Inc. grew its stake in shares of Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after buying an additional 420 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after buying an additional 1,578 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock valued at $69,000 after buying an additional 1,869 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Down 12.1%

The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a 50 day simple moving average of $34.19 and a 200-day simple moving average of $31.12. The firm has a market cap of $604.35 million, a PE ratio of 11.77, a PEG ratio of 0.72 and a beta of 0.81.

About Washington Trust Bancorp

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.