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

Washington Trust Bancorp (NASDAQ:WASH) issued its quarterly earnings results on Monday. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07, FiscalAI reports. The company had revenue of $60.47 million for the quarter, compared to analyst estimates of $59.91 million. Washington Trust Bancorp had a return on equity of 9.79% and a net margin of 13.71%.

Washington Trust Bancorp Stock Down 0.8%

Washington Trust Bancorp stock opened at $36.32 on Tuesday. The firm has a 50 day moving average price of $34.31 and a 200-day moving average price of $33.46. Washington Trust Bancorp has a twelve month low of $25.23 and a twelve month high of $37.50. The company has a market capitalization of $692.62 million, a P/E ratio of 13.30, a P/E/G ratio of 0.88 and a beta of 0.72. 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 announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date was Wednesday, July 1st. Washington Trust Bancorp’s payout ratio is presently 82.05%.

Insider Buying and Selling

In related news, EVP Rolando A. Lora sold 885 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $31.55, for a total value of $27,921.75. Following the sale, the executive vice president directly owned 11,292 shares of the company’s stock, valued at $356,262.60. This trade represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Ronald S. Ohsberg bought 1,606 shares of the business’s stock in a transaction dated Friday, April 24th. The shares were bought at an average cost of $31.00 per share, for a total transaction of $49,786.00. Following the purchase, the chief financial officer directly owned 29,705 shares in the company, valued at approximately $920,855. This represents a 5.72% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have bought 36,801 shares of company stock worth $1,147,293. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Washington Trust Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp purchased a new position in Washington Trust Bancorp in the 4th quarter worth $222,000. Empowered Funds LLC acquired a new position in shares of Washington Trust Bancorp during the 4th quarter worth approximately $299,000. VARCOV Co. purchased a new position in Washington Trust Bancorp during the fourth quarter valued at $220,000. Focus Partners Wealth raised 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 valued at $256,000 after acquiring an additional 1,069 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Washington Trust Bancorp by 36.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,714 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 2,350 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on WASH shares. Wall Street Zen raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings raised Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, June 5th. Piper Sandler boosted their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Zacks Research lowered shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock 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.