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

Key Points

• Washington Trust Bancorp beat earnings expectations, reporting quarterly EPS of $0.83 versus the $0.76 consensus estimate. Revenue also came in slightly above forecasts at $60.47 million.
• The company declared a quarterly dividend of $0.56 per share, equal to a $2.24 annualized payout and a 6.2% yield. Its dividend payout ratio was 82.05%.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $34.50. Shares traded down slightly after the report, despite the earnings beat.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) issued its quarterly earnings data on Monday. The financial services provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.76 by $0.07, FiscalAI reports. The business had revenue of $60.47 million for the quarter, compared to analysts' expectations of $59.91 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%.

Washington Trust Bancorp Price Performance

Shares of NASDAQ WASH traded down $0.30 during trading on Monday, hitting $36.32. The company had a trading volume of 132,445 shares, compared to its average volume of 174,378. The firm has a market capitalization of $692.48 million, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72. The stock has a fifty day simple moving average of $34.22 and a two-hundred day simple moving average of $33.41. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.09. Washington Trust Bancorp has a fifty-two week low of $25.23 and a fifty-two week high of $37.50.

Washington Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were given a $0.56 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.2%. Washington Trust Bancorp's dividend payout ratio (DPR) is 82.05%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. 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. Weiss Ratings upgraded Washington Trust Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, June 5th. Finally, Zacks Research lowered Washington Trust Bancorp from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $34.50.

Insider Activity at Washington Trust Bancorp

In related news, EVP Rolando A. Lora sold 885 shares of the firm's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $31.55, for a total value of $27,921.75. Following the transaction, the executive vice president directly owned 11,292 shares of the company's stock, valued at approximately $356,262.60. This trade represents a 7.27% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP James Cannon Brown acquired 32,000 shares of the business's stock in a transaction on Thursday, April 23rd. The shares were purchased at an average price of $31.17 per share, with a total value of $997,440.00. Following the completion of the purchase, the executive vice president owned 37,280 shares in the company, valued at $1,162,017.60. This represents a 606.06% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 36,801 shares of company stock worth $1,147,293 in the last quarter. Company insiders own 1.30% of the company's stock.

Institutional Trading of Washington Trust Bancorp

Institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. lifted its stake in Washington Trust Bancorp by 28.3% in the 3rd quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider's stock worth $16,189,000 after purchasing an additional 123,734 shares in the last quarter. Qube Research & Technologies Ltd boosted its holdings in shares of Washington Trust Bancorp by 173.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider's stock worth $2,554,000 after purchasing an additional 56,102 shares during the last quarter. Drexel Morgan & Co. grew its position in shares of Washington Trust Bancorp by 19.9% in the fourth quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider's stock valued at $8,889,000 after purchasing an additional 50,000 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Washington Trust Bancorp by 16.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 267,595 shares of the financial services provider's stock valued at $7,907,000 after purchasing an additional 36,937 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of Washington Trust Bancorp in the second quarter valued at approximately $857,000. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Company Profile

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.

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