Washington Trust Bancorp (NASDAQ:WASH) Posts Earnings Results, Beats Estimates By $0.07 EPS

Washington Trust Bancorp (NASDAQ:WASH) announced its quarterly earnings data on Monday. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.76 by $0.07, FiscalAI reports. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. The firm had revenue of $60.47 million during the quarter, compared to analysts’ expectations of $59.91 million.

Washington Trust Bancorp Price Performance

Shares of Washington Trust Bancorp stock traded down $0.30 on Monday, hitting $36.32. The company’s stock had a trading volume of 132,475 shares, compared to its average volume of 174,378. The company has a market capitalization of $692.48 million, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 0.88 and a beta of 0.72. Washington Trust Bancorp has a 52-week low of $25.23 and a 52-week high of $37.50. The firm has a fifty day moving average price of $34.22 and a 200-day moving average price 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors 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 payout ratio is currently 82.05%.

Insider Buying and Selling at Washington Trust Bancorp

In other Washington Trust Bancorp news, CEO Edward O. Handy III acquired 3,195 shares of the company’s stock in a transaction dated Monday, April 27th. The stock was acquired at an average cost of $31.32 per share, with a total value of $100,067.40. Following the purchase, the chief executive officer directly owned 51,442 shares in the company, valued at approximately $1,611,163.44. This trade represents a 6.62% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, EVP Rolando A. Lora sold 885 shares of Washington Trust Bancorp stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total value of $27,921.75. Following the transaction, the executive vice president owned 11,292 shares of the company’s stock, valued at $356,262.60. This represents a 7.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have bought 36,801 shares of company stock valued at $1,147,293. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. grew its stake in 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 worth $60,000 after acquiring an additional 420 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Washington Trust Bancorp by 11.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 526 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in shares of Washington Trust Bancorp by 35.4% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 3,016 shares of the financial services provider’s stock worth $89,000 after purchasing an additional 789 shares during the period. Focus Partners Wealth boosted its holdings in shares of Washington Trust Bancorp by 13.7% during the third quarter. Focus Partners Wealth now owns 8,861 shares of the financial services provider’s stock worth $256,000 after purchasing an additional 1,069 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of Washington Trust Bancorp by 10.2% during the second quarter. First Trust Advisors LP now owns 12,949 shares of the financial services provider’s stock worth $366,000 after purchasing an additional 1,202 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Zacks Research lowered shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings raised Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, June 5th. Finally, 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. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $34.50.

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.