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Washington Trust Bancorp, Inc. Plans Quarterly Dividend of $0.56 (NASDAQ:WASH)

Washington Trust Bancorp logo with Finance background

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) announced a quarterly dividend on Thursday, June 12th, RTT News reports. Investors of record on Tuesday, July 1st will be given a dividend of 0.56 per share by the financial services provider on Friday, July 11th. This represents a $2.24 annualized dividend and a dividend yield of 8.26%. The ex-dividend date is Tuesday, July 1st.

Washington Trust Bancorp has a dividend payout ratio of 73.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Washington Trust Bancorp to earn $3.12 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 71.8%.

Washington Trust Bancorp Price Performance

NASDAQ:WASH traded down $0.09 during mid-day trading on Monday, reaching $27.12. The stock had a trading volume of 111,387 shares, compared to its average volume of 173,737. Washington Trust Bancorp has a 12 month low of $24.91 and a 12 month high of $40.59. The stock has a market capitalization of $523.17 million, a PE ratio of -17.50 and a beta of 0.91. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a 50-day simple moving average of $27.87 and a two-hundred day simple moving average of $30.56.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $0.61 EPS for the quarter, missing analysts' consensus estimates of $0.62 by ($0.01). The business had revenue of $59.07 million for the quarter, compared to analyst estimates of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. On average, equities analysts anticipate that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Analyst Ratings Changes

WASH has been the topic of several research reports. Seaport Res Ptn raised shares of Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a report on Friday, March 14th. Keefe, Bruyette & Woods decreased their target price on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research note on Tuesday, April 22nd. Finally, Bank of America began coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price target for the company. Four research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $31.00.

Check Out Our Latest Analysis on WASH

Hedge Funds Weigh In On Washington Trust Bancorp

A hedge fund recently raised its stake in Washington Trust Bancorp stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 17.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,351 shares of the financial services provider's stock after acquiring an additional 1,708 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.06% of Washington Trust Bancorp worth $350,000 at the end of the most recent reporting period. 65.81% of the stock is currently owned by institutional investors and hedge funds.

About Washington Trust Bancorp

(Get Free Report)

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.

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Dividend History for Washington Trust Bancorp (NASDAQ:WASH)

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