Washington Trust Bancorp (NASDAQ:WASH) Posts Quarterly Earnings Results

Washington Trust Bancorp (NASDAQ:WASH) announced its quarterly earnings data on Monday. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping 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 company had revenue of $64.96 million for the quarter, compared to analysts’ expectations of $62.62 million.

Washington Trust Bancorp Stock Performance

WASH opened at $36.59 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.86. Washington Trust Bancorp has a 12-month low of $25.95 and a 12-month high of $40.54. The business has a 50 day moving average of $38.89 and a 200-day moving average of $36.23. The stock has a market cap of $697.77 million, a price-to-earnings ratio of 12.70, a PEG ratio of 0.80 and a beta of 0.73.

Washington Trust Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

WASH has been the topic of a number of recent analyst reports. Zacks Research upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “hold” rating in a report on Thursday, July 23rd. Seaport Research Partners lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Wednesday, July 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Washington Trust Bancorp in a research note on Wednesday, September 2nd. Piper Sandler increased their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Wall Street Zen raised shares of 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 given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $35.50.

Washington Trust Bancorp Company Profile

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.