Zacks: Brokerages Anticipate Washington Trust Bancorp, Inc. (NASDAQ:WASH) Will Announce Quarterly Sales of $53.40 Million

Analysts forecast that Washington Trust Bancorp, Inc. (NASDAQ:WASH – Get Rating) will report $53.40 million in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Washington Trust Bancorp’s earnings. The highest sales estimate is $53.50 million and the lowest is $53.30 million. Washington Trust Bancorp posted sales of $58.85 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 9.3%. The business is expected to report its next quarterly earnings report before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Washington Trust Bancorp will report full year sales of $220.80 million for the current financial year. For the next year, analysts anticipate that the firm will post sales of $237.05 million, with estimates ranging from $233.40 million to $240.70 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Washington Trust Bancorp.

Washington Trust Bancorp (NASDAQ:WASH – Get Rating) last issued its earnings results on Wednesday, January 26th. The financial services provider reported $1.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.14. Washington Trust Bancorp had a net margin of 31.26% and a return on equity of 13.94%. The company had revenue of $58.05 million for the quarter, compared to analysts’ expectations of $55.65 million. During the same period in the prior year, the company earned $1.07 earnings per share.

A number of research firms have recently issued reports on WASH. StockNews.com assumed coverage on shares of Washington Trust Bancorp in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Friday, January 7th. Finally, Piper Sandler downgraded shares of Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a $56.00 price objective on the stock. in a research note on Thursday, April 7th.

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Washington Trust Bancorp in the fourth quarter worth about $8,131,000. VELA Investment Management LLC bought a new stake in Washington Trust Bancorp in the 4th quarter valued at approximately $1,819,000. BlackRock Inc. lifted its stake in Washington Trust Bancorp by 2.0% in the 4th quarter. BlackRock Inc. now owns 1,540,201 shares of the financial services provider’s stock valued at $86,820,000 after acquiring an additional 29,642 shares in the last quarter. Raymond James & Associates lifted its stake in Washington Trust Bancorp by 40.2% in the 3rd quarter. Raymond James & Associates now owns 97,636 shares of the financial services provider’s stock valued at $5,173,000 after acquiring an additional 28,015 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Washington Trust Bancorp by 15.7% in the 3rd quarter. Victory Capital Management Inc. now owns 150,493 shares of the financial services provider’s stock valued at $7,973,000 after acquiring an additional 20,385 shares in the last quarter. 76.86% of the stock is owned by institutional investors and hedge funds.

NASDAQ:WASH opened at $49.69 on Friday. Washington Trust Bancorp has a twelve month low of $46.35 and a twelve month high of $60.96. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average of $52.72 and a 200-day moving average of $55.17. The firm has a market cap of $861.18 million, a price-to-earnings ratio of 11.32 and a beta of 0.74.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 8th. Investors of record on Friday, April 1st were issued a $0.54 dividend. The ex-dividend date of this dividend was Thursday, March 31st. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.35%. Washington Trust Bancorp’s dividend payout ratio is 49.20%.

Washington Trust Bancorp Company Profile (Get Rating)

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers 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 provides various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; 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.

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