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

Washington Trust Bancorp (NASDAQ:WASH) released its quarterly earnings results on Monday. The financial services provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.87 by $0.14, FiscalAI reports. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.18%. The business had revenue of $64.96 million during the quarter, compared to analyst estimates of $62.62 million.

Washington Trust Bancorp Stock Performance

Washington Trust Bancorp stock traded down $0.47 during mid-day trading on Monday, reaching $36.59. 71,092 shares of the company traded hands, compared to its average volume of 163,372. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.97 and a quick ratio of 0.97. Washington Trust Bancorp has a fifty-two week low of $25.95 and a fifty-two week high of $40.54. The company has a market capitalization of $697.92 million, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.80 and a beta of 0.73. The firm’s fifty day moving average is $38.93 and its two-hundred day moving average is $36.21.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were paid a dividend of $0.56 per share. The ex-dividend date was Thursday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 6.1%. Washington Trust Bancorp’s dividend payout ratio is presently 77.78%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 22nd. Piper Sandler increased their target price on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Zacks Research upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods raised their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Washington Trust Bancorp in a report on Wednesday, September 2nd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $35.50.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States and serves individuals, families, businesses and institutions.

The bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business banking and cash-management services.