Washington Trust Bancorp (NASDAQ:WASH) Announces Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Key Points

• Washington Trust Bancorp reported quarterly earnings of $0.56 per share, missing analyst estimates of $0.70 by $0.14.
• The company also declared a quarterly dividend of $0.56 per share, yielding 8.3%, while its payout ratio stands at -148.34%.
• Analysts have downgraded the stock, with Piper Sandler lowering the target price from $28.00 to $27.00 and assigning an "underweight" rating.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) released its earnings results on Monday. The financial services provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.46 by $0.10, Zacks reports. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. During the same quarter in the previous year, the company posted $0.64 earnings per share.

Washington Trust Bancorp Price Performance

NASDAQ:WASH traded up $0.99 during mid-day trading on Monday, reaching $26.84. 185,326 shares of the company were exchanged, compared to its average volume of 164,836. Washington Trust Bancorp has a 12 month low of $24.95 and a 12 month high of $40.59. The company has a fifty day moving average of $28.92 and a 200 day moving average of $28.27. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94. The stock has a market cap of $514.25 million, a PE ratio of -17.77, a PEG ratio of 0.84 and a beta of 0.91.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 10th. Stockholders of record on Wednesday, October 1st were issued a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 8.3%. Washington Trust Bancorp's dividend payout ratio is presently -148.34%.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Federated Hermes Inc. grew its holdings in Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after acquiring an additional 420 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider's stock worth $67,000 after acquiring an additional 1,578 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Washington Trust Bancorp by 312.5% during the 2nd 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Washington Trust Bancorp by 17.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider's stock valued at $350,000 after purchasing an additional 1,708 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Washington Trust Bancorp by 46.7% in the 2nd quarter. Quantinno Capital Management LP now owns 11,553 shares of the financial services provider's stock valued at $327,000 after purchasing an additional 3,677 shares during the last quarter. Institutional investors own 65.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on WASH. Piper Sandler dropped their price objective on shares of Washington Trust Bancorp from $28.00 to $27.00 and set an "underweight" rating for the company in a research note on Thursday, October 9th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Washington Trust Bancorp in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $28.67.

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.