Washington Trust Bancorp (NASDAQ:WASH) Trading 8% Higher on Strong Earnings

Washington Trust Bancorp, Inc. (NASDAQ:WASH)’s stock price traded up 8% on Thursday following a stronger than expected earnings report. The company traded as high as $33.47 and last traded at $32.62. 93,284 shares were traded during mid-day trading, a decline of 6% from the average session volume of 99,525 shares. The stock had previously closed at $30.19.

The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. Washington Trust Bancorp had a return on equity of 9.83% and a net margin of 13.26%.The company had revenue of $59.25 million during the quarter, compared to analysts’ expectations of $56.38 million.

Washington Trust Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 14th. Stockholders of record on Friday, January 2nd were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.24 annualized dividend and a dividend yield of 6.6%. Washington Trust Bancorp’s dividend payout ratio is presently -140.88%.

Wall Street Analysts Forecast Growth

WASH has been the subject of several recent research reports. Piper Sandler set a $32.00 target price on shares of Washington Trust Bancorp in a research report on Thursday. Keefe, Bruyette & Woods lifted their price target on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the stock a “market perform” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, January 21st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Washington Trust Bancorp presently has an average rating of “Reduce” and an average target price of $30.00.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds have recently made changes to their positions in the business. Foster Dykema Cabot & Partners LLC bought a new stake in Washington Trust Bancorp during the 3rd quarter valued at approximately $27,000. AlphaQuest LLC bought a new position in Washington Trust Bancorp in the 2nd quarter worth approximately $33,000. Federated Hermes Inc. grew its holdings in Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock valued at $60,000 after buying an additional 420 shares in the last quarter. Tower Research Capital LLC TRC raised its position in shares of Washington Trust Bancorp by 200.8% during the second quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after buying an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Washington Trust Bancorp by 367.2% in the third quarter. Russell Investments Group Ltd. now owns 2,378 shares of the financial services provider’s stock worth $69,000 after buying an additional 1,869 shares in the last quarter. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Price Performance

The company has a quick ratio of 1.01, a current ratio of 1.02 and a debt-to-equity ratio of 1.53. The firm’s fifty day moving average price is $29.94 and its 200 day moving average price is $28.89. The stock has a market cap of $647.40 million, a PE ratio of 12.60, a P/E/G ratio of 0.67 and a beta of 0.86.

About Washington Trust Bancorp

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.