Washington Trust Bancorp (NASDAQ:WASH) Announces Earnings Results

Washington Trust Bancorp (NASDAQ:WASH) issued its earnings results on Monday. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.14, FiscalAI reports. Washington Trust Bancorp had a return on equity of 10.18% and a net margin of 14.50%. The firm had revenue of $64.96 million for the quarter, compared to analysts’ expectations of $62.62 million.

Washington Trust Bancorp Stock Down 1.3%

NASDAQ:WASH traded down $0.47 during trading hours on Monday, hitting $36.59. 71,072 shares of the stock traded hands, compared to its average volume of 163,190. The firm has a 50 day moving average price of $38.93 and a 200 day moving average price of $36.21. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.86. Washington Trust Bancorp has a fifty-two week low of $25.95 and a fifty-two week high of $40.54. The firm has a market cap of $697.92 million, a price-to-earnings ratio of 12.70, a PEG ratio of 0.80 and a beta of 0.73.

Washington Trust Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 9th. Investors of record on Thursday, October 1st were paid a $0.56 dividend. The ex-dividend date of this dividend was Thursday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 6.1%. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 77.78%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Zacks Research upgraded Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods raised their price target on Washington Trust Bancorp from $33.00 to $36.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Piper Sandler upped their target price on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, September 2nd. Finally, Wall Street Zen upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.50.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States and serves individuals, families, businesses and institutions.

The bank provides a range of financial services, including checking and savings accounts, certificates of deposit, residential and commercial real estate lending, consumer loans, business banking and cash-management services.