Washington Trust Bancorp, Inc. to Issue Quarterly Dividend of $0.56 (NASDAQ:WASH)

Washington Trust Bancorp, Inc. (NASDAQ:WASH) declared a quarterly dividend on Thursday, June 12th, RTT News reports. Shareholders of record on Tuesday, July 1st will be given a dividend of 0.56 per share by the financial services provider on Friday, July 11th. This represents a $2.24 dividend on an annualized basis and a yield of 8.25%.

Washington Trust Bancorp has a payout ratio of 73.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Washington Trust Bancorp to earn $3.12 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 71.8%.

Washington Trust Bancorp Trading Down 2.5%

NASDAQ WASH opened at $27.16 on Friday. Washington Trust Bancorp has a one year low of $24.91 and a one year high of $40.59. The business’s fifty day moving average is $27.85 and its 200-day moving average is $30.72. The stock has a market capitalization of $523.85 million, a price-to-earnings ratio of -17.52 and a beta of 0.91. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.01). Washington Trust Bancorp had a positive return on equity of 8.99% and a negative net margin of 6.90%. The company had revenue of $59.07 million during the quarter, compared to the consensus estimate of $53.16 million. Equities research analysts predict that Washington Trust Bancorp will post 2.76 EPS for the current year.

Institutional Trading of Washington Trust Bancorp

An institutional investor recently raised its position in Washington Trust Bancorp stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 17.7% during the first quarter, according to the company in 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 approximately 0.06% of Washington Trust Bancorp worth $350,000 at the end of the most recent reporting period. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on WASH shares. Seaport Res Ptn raised Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 14th. Bank of America assumed coverage on Washington Trust Bancorp in a report on Wednesday, May 28th. They set a “neutral” rating and a $28.00 target price for the company. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Washington Trust Bancorp from $34.00 to $31.00 and set a “market perform” rating for the company in a report on Tuesday, April 22nd. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $31.00.

About Washington Trust Bancorp

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.