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

Washington Trust Bancorp (NASDAQ:WASH) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08, FiscalAI reports. The company had revenue of $59.25 million for the quarter, compared to analyst estimates of $56.38 million. Washington Trust Bancorp had a positive return on equity of 8.90% and a negative net margin of 6.22%.

Washington Trust Bancorp Stock Performance

NASDAQ WASH opened at $30.19 on Thursday. The firm has a market capitalization of $574.52 million, a P/E ratio of -18.99, a price-to-earnings-growth ratio of 0.67 and a beta of 0.86. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.53. The firm’s fifty day moving average price is $29.80 and its two-hundred day moving average price is $28.86. Washington Trust Bancorp has a 1 year low of $24.95 and a 1 year high of $34.13.

Washington Trust Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 14th. Shareholders of record on Friday, January 2nd were given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend was Friday, January 2nd. Washington Trust Bancorp’s dividend payout ratio is -140.88%.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. raised its stake in Washington Trust Bancorp by 24.6% in the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after buying an additional 420 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of 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. Russell Investments Group Ltd. raised its stake in Washington Trust Bancorp by 367.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock valued at $69,000 after acquiring an additional 1,869 shares during the period. BNP Paribas Financial Markets raised its stake in Washington Trust Bancorp by 312.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,504 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 3,412 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in Washington Trust Bancorp by 18.0% during the 3rd quarter. Intech Investment Management LLC now owns 8,354 shares of the financial services provider’s stock valued at $241,000 after purchasing an additional 1,274 shares during the last quarter. Institutional investors own 65.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on WASH shares. Piper Sandler dropped their target price on Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a research report on Thursday, October 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the company a “market perform” rating in a report on Wednesday, October 22nd. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Washington Trust Bancorp has a consensus rating of “Reduce” and an average target price of $28.33.

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.