Washington Trust Bancorp (NASDAQ:WASH) Releases Earnings Results, Beats Expectations By $0.14 EPS

Key Points

• Washington Trust Bancorp beat quarterly expectations: EPS came in at $1.01 versus the $0.87 consensus, while revenue reached $64.96 million compared with estimates of $62.62 million.
• The company pays a quarterly dividend of $0.56 per share, equivalent to $2.24 annually and a 6.1% yield; its payout ratio is 77.78%.
• Analyst sentiment remains broadly neutral, with one Buy rating and three Holds, producing an average rating of “Hold” and an average price target of $35.50.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) posted its earnings results on Monday. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.14, FiscalAI reports. The firm had revenue of $64.96 million for the quarter, compared to analyst estimates of $62.62 million. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ WASH traded down $0.47 during midday trading on Monday, reaching $36.59. 71,072 shares of the company were exchanged, compared to its average volume of 163,190. The stock has a market cap of $697.92 million, a P/E ratio of 12.70, a PEG ratio of 0.80 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.86. The stock has a fifty day simple moving average of $38.93 and a 200 day simple moving average of $36.21. Washington Trust Bancorp has a 1 year low of $25.95 and a 1 year high of $40.54.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 9th. Investors 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 currently 77.78%.

Analysts Set New Price Targets

WASH has been the subject of a number of research reports. Seaport Research Partners cut shares of Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a report on Wednesday, July 22nd. Keefe, Bruyette & Woods raised their price target on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Washington Trust Bancorp in a research report on Wednesday, September 2nd. Finally, Wall Street Zen raised Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average 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.

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