Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) released its quarterly earnings results on Monday. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.05, Zacks reports. The firm had revenue of $54.26 million for the quarter, compared to the consensus estimate of $54.07 million. Washington Trust Bancorp had a positive return on equity of 9.14% and a negative net margin of 6.10%. During the same quarter last year, the business posted $0.63 EPS.
Washington Trust Bancorp Price Performance
Shares of WASH traded down $0.44 during mid-day trading on Thursday, hitting $27.72. The company's stock had a trading volume of 152,932 shares, compared to its average volume of 168,861. Washington Trust Bancorp has a 1-year low of $24.95 and a 1-year high of $40.59. The firm has a market capitalization of $534.72 million, a P/E ratio of -18.36, a P/E/G ratio of 0.98 and a beta of 0.90. The firm has a 50-day simple moving average of $28.32 and a 200 day simple moving average of $29.60. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 1.67.
Washington Trust Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st were issued a $0.56 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $2.24 annualized dividend and a dividend yield of 8.08%. Washington Trust Bancorp's dividend payout ratio is currently -143.59%.
Analyst Upgrades and Downgrades
A number of research analysts recently issued reports on WASH shares. Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price target on the stock. in a research note on Tuesday. Bank of America started coverage on Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price target on the stock. Finally, Keefe, Bruyette & Woods dropped their price target 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $29.00.
Read Our Latest Stock Analysis on Washington Trust Bancorp
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. boosted its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 17.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,351 shares of the financial services provider's stock after purchasing an additional 1,708 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.06% of Washington Trust Bancorp worth $350,000 as of its most recent SEC filing. Institutional investors own 65.81% of the company's stock.
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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