Washington Trust Bancorp, Inc. (NASDAQ:WASH) Expected to Announce Quarterly Sales of $54.15 Million

Brokerages expect Washington Trust Bancorp, Inc. (NASDAQ:WASHGet Rating) to post $54.15 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Washington Trust Bancorp’s earnings. The highest sales estimate is $54.90 million and the lowest is $53.40 million. Washington Trust Bancorp reported sales of $55.35 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 2.2%. The company is expected to report its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Washington Trust Bancorp will report full-year sales of $220.60 million for the current fiscal year, with estimates ranging from $217.60 million to $223.60 million. For the next financial year, analysts forecast that the firm will post sales of $242.40 million, with estimates ranging from $240.90 million to $243.90 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Washington Trust Bancorp.

Washington Trust Bancorp (NASDAQ:WASHGet Rating) last issued its quarterly earnings results on Monday, April 25th. The financial services provider reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.02. Washington Trust Bancorp had a net margin of 30.69% and a return on equity of 13.35%. During the same quarter in the prior year, the firm posted $1.17 earnings per share.

Several equities research analysts have recently commented on the company. Piper Sandler downgraded Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a $56.00 price objective for the company. in a report on Thursday, April 7th. StockNews.com assumed coverage on Washington Trust Bancorp in a report on Thursday, March 31st. They set a “hold” rating on the stock.

A number of hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its position in Washington Trust Bancorp by 12.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 136,326 shares of the financial services provider’s stock valued at $7,158,000 after buying an additional 15,098 shares in the last quarter. Vanguard Group Inc. increased its position in Washington Trust Bancorp by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 958,238 shares of the financial services provider’s stock valued at $50,306,000 after buying an additional 37,258 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Washington Trust Bancorp by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 705,739 shares of the financial services provider’s stock valued at $37,052,000 after buying an additional 17,613 shares in the last quarter. Great West Life Assurance Co. Can increased its position in Washington Trust Bancorp by 27.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 1,530 shares of the financial services provider’s stock valued at $84,000 after buying an additional 327 shares in the last quarter. Finally, MetLife Investment Management LLC increased its position in Washington Trust Bancorp by 58.1% during the 1st quarter. MetLife Investment Management LLC now owns 8,760 shares of the financial services provider’s stock valued at $460,000 after buying an additional 3,218 shares in the last quarter. 77.37% of the stock is owned by institutional investors.

WASH stock opened at $46.92 on Friday. The firm has a market cap of $814.06 million, a price-to-earnings ratio of 11.28 and a beta of 0.76. The company’s fifty day simple moving average is $50.70 and its 200 day simple moving average is $54.43. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.15. Washington Trust Bancorp has a 12-month low of $46.35 and a 12-month high of $60.96.

The company also recently announced a quarterly dividend, which was paid on Friday, April 8th. Stockholders of record on Friday, April 1st were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date was Thursday, March 31st. Washington Trust Bancorp’s payout ratio is presently 51.92%.

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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Earnings History and Estimates for Washington Trust Bancorp (NASDAQ:WASH)

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