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

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) declared a quarterly dividend on Thursday, June 12th, RTT News reports. Shareholders of record on Tuesday, July 1st will be paid 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 yield of 8.23%. 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. 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 Stock Down 2.3%

NASDAQ:WASH traded down $0.63 during trading hours on Friday, hitting $27.21. 131,620 shares of the company traded hands, compared to its average volume of 151,239. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63. The firm's 50-day simple moving average is $27.87 and its 200-day simple moving average is $30.65. Washington Trust Bancorp has a one year low of $24.91 and a one year high of $40.59. The company has a market cap of $524.91 million, a PE ratio of -17.55 and a beta of 0.91.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its 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 the consensus estimate of $53.16 million. Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. Equities analysts predict that Washington Trust Bancorp will post 2.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

WASH has been the topic of a number of recent analyst reports. Bank of America initiated coverage on Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 target price on the stock. Keefe, Bruyette & Woods lowered their target price on 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, Seaport Res Ptn upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 14th. Four equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Washington Trust Bancorp presently has a consensus rating of "Hold" and an average price target of $31.00.

Institutional Investors Weigh In On Washington Trust Bancorp

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

Washington Trust Bancorp Company Profile

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.