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

Key Points

• Quarterly results: Washington Trust reported $0.66 EPS, missing the $0.77 consensus by $0.11, but posted a sizeable revenue beat with $98.35M versus the $58.24M estimate.
• Dividend yield: The company paid a $0.56 quarterly dividend (annualized $2.24), representing a 6.2% yield and a payout ratio of about 82.96%.
• Market and analyst context: Shares trade around $36.14 (market cap ~$688M, P/E 13.39) while the consensus analyst rating is "Hold" with a $31.33 price target, below the current share price.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) issued its quarterly earnings results on Monday. The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.11), FiscalAI reports. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%.The business had revenue of $98.35 million during the quarter, compared to the consensus estimate of $58.24 million.

Washington Trust Bancorp Stock Up 0.5%

NASDAQ:WASH opened at $36.14 on Tuesday. The firm has a market capitalization of $688.11 million, a price-to-earnings ratio of 13.39, a PEG ratio of 0.72 and a beta of 0.81. Washington Trust Bancorp has a 1-year low of $25.23 and a 1-year high of $37.08. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.19. The business's fifty day moving average price is $34.19 and its 200 day moving average price is $31.12.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 10th. Stockholders of record on Wednesday, April 1st were issued a dividend of $0.56 per share. The ex-dividend date was Wednesday, April 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.2%. Washington Trust Bancorp's payout ratio is currently 82.96%.

Institutional Investors Weigh In On Washington Trust Bancorp

Institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. increased its holdings in shares of Washington Trust Bancorp by 24.6% in the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 420 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock worth $67,000 after purchasing an additional 1,578 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Washington Trust Bancorp by 367.2% during the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider's stock worth $69,000 after purchasing an additional 1,869 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Washington Trust Bancorp by 35.4% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 3,016 shares of the financial services provider's stock valued at $89,000 after purchasing an additional 789 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its position in Washington Trust Bancorp by 312.5% during the second quarter. BNP Paribas Financial Markets now owns 4,504 shares of the financial services provider's stock valued at $127,000 after purchasing an additional 3,412 shares in the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on WASH shares. Piper Sandler assumed coverage on shares of Washington Trust Bancorp in a report on Monday, March 16th. They issued a "neutral" rating and a $32.00 target price on the stock. Zacks Research lowered shares of Washington Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 6th. Keefe, Bruyette & Woods raised their target price on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a "market perform" rating in a report on Friday, January 30th. Weiss Ratings restated a "hold (c-)" rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Finally, Wall Street Zen raised Washington Trust Bancorp from a "hold" rating to a "buy" rating in a report on Saturday, April 11th. Five equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $31.33.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company's core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.