Washington Trust Bancorp (NASDAQ:WASH) Announces Earnings Results

Washington Trust Bancorp (NASDAQ:WASH – Get Rating) announced its quarterly earnings results on Monday. The financial services provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.02, MarketWatch Earnings reports. Washington Trust Bancorp had a return on equity of 13.94% and a net margin of 31.26%. During the same period in the previous year, the business earned $1.17 EPS.

Shares of WASH stock opened at $49.52 on Tuesday. The stock’s fifty day moving average is $52.58 and its 200-day moving average is $55.14. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market capitalization of $858.23 million, a PE ratio of 11.28 and a beta of 0.74. Washington Trust Bancorp has a 52 week low of $46.35 and a 52 week high of $60.96.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 8th. Stockholders of record on Friday, April 1st were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 4.36%. The ex-dividend date was Thursday, March 31st. Washington Trust Bancorp’s payout ratio is presently 49.20%.

WASH has been the topic of a number of analyst reports. Zacks Investment Research upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 7th. Piper Sandler cut Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a $56.00 price target on the stock. in a research report on Thursday, April 7th. Finally, StockNews.com initiated coverage on Washington Trust Bancorp in a research report on Thursday, March 31st. They issued a “hold” rating on the stock.

Several hedge funds have recently made changes to their positions in WASH. Norges Bank bought a new stake in shares of Washington Trust Bancorp during the fourth quarter worth $8,131,000. BlackRock Inc. increased its position in Washington Trust Bancorp by 2.0% in the fourth quarter. BlackRock Inc. now owns 1,540,201 shares of the financial services provider’s stock worth $86,820,000 after purchasing an additional 29,642 shares during the period. Wells Fargo & Company MN increased its position in Washington Trust Bancorp by 168.1% in the second quarter. Wells Fargo & Company MN now owns 18,638 shares of the financial services provider’s stock worth $957,000 after purchasing an additional 11,687 shares during the period. Millennium Management LLC acquired a new position in shares of Washington Trust Bancorp during the 4th quarter worth about $602,000. Finally, Bank of New York Mellon Corp grew its position in shares of Washington Trust Bancorp by 5.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 177,272 shares of the financial services provider’s stock worth $9,392,000 after buying an additional 9,302 shares during the period. Institutional investors own 76.86% of the company’s stock.

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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