Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Up on Earnings Beat

Key Points

• Washington Trust Bancorp beat quarterly expectations: Earnings per share came in at $1.01 versus the $0.87 consensus estimate, while revenue reached $64.96 million compared with forecasts of $62.62 million.
• The earnings beat drove the stock up 5.5%, from a prior close of $36.59 to an intraday trading price of $38.66.
• The company maintained its quarterly dividend at $0.56 per share, equal to $2.24 annually and a yield of about 5.8%. Wall Street’s consensus rating remains “Hold,” with a $35.50 target price.

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $36.59, but opened at $38.00. Washington Trust Bancorp shares last traded at $38.66, with a volume of 39,837 shares changing hands.

The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.14. The firm had revenue of $64.96 million during the quarter, compared to analyst estimates of $62.62 million. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.18%.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Shareholders of record on Thursday, October 1st were issued a $0.56 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 5.8%. Washington Trust Bancorp's payout ratio is presently 77.78%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on WASH. 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. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Weiss Ratings restated a "buy (b)" rating on shares of Washington Trust Bancorp in a research note on Wednesday, September 2nd. Zacks Research raised Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a report on Thursday, July 23rd. Finally, Piper Sandler upped their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $35.50.

Hedge Funds Weigh In On Washington Trust Bancorp

Large investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue purchased a new position in shares of Washington Trust Bancorp in the third quarter worth about $27,000. GAMMA Investing LLC grew its holdings in shares of Washington Trust Bancorp by 107.8% in the third quarter. GAMMA Investing LLC now owns 802 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 416 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Washington Trust Bancorp in the second quarter valued at about $121,000. Squarepoint Ops LLC purchased a new stake in shares of Washington Trust Bancorp in the second quarter valued at about $241,000. Finally, Allworth Financial LP increased its position in Washington Trust Bancorp by 185.1% during the second quarter. Allworth Financial LP now owns 1,380 shares of the financial services provider's stock worth $50,000 after purchasing an additional 896 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Washington Trust Bancorp Trading Up 5.5%

The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. The company's 50-day moving average is $38.89 and its 200-day moving average is $36.23. The stock has a market capitalization of $736.12 million, a price-to-earnings ratio of 13.41, a PEG ratio of 0.80 and a beta of 0.73.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.