Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Down on Disappointing Earnings

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $36.10, but opened at $31.36. Washington Trust Bancorp shares last traded at $31.7220, with a volume of 63,528 shares changing hands.

The financial services provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.11). The business had revenue of $98.35 million for the quarter, compared to analysts’ expectations of $58.24 million. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $2.24 annualized dividend and a dividend yield of 7.1%. Washington Trust Bancorp’s dividend payout ratio (DPR) is currently 82.96%.

Wall Street Analysts Forecast Growth

WASH has been the subject of several analyst reports. Piper Sandler assumed coverage on shares of Washington Trust Bancorp in a research report on Monday, March 16th. They set a “neutral” rating and a $32.00 price target for the company. Wall Street Zen upgraded Washington Trust Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, April 11th. Keefe, Bruyette & Woods increased their target price on Washington Trust Bancorp from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Friday, January 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Finally, Zacks Research cut Washington Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Five analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $31.33.

Hedge Funds Weigh In On Washington Trust Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of WASH. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Washington Trust Bancorp during the third quarter worth about $27,000. EverSource Wealth Advisors LLC increased its holdings in Washington Trust Bancorp by 114.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 542 shares during the period. Federated Hermes Inc. raised its position 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 purchasing an additional 420 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Washington Trust Bancorp by 200.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,364 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in Washington Trust Bancorp by 367.2% in the 3rd 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 during the period. 65.81% of the stock is owned by institutional investors.

Washington Trust Bancorp Trading Down 12.1%

The firm has a market cap of $604.35 million, a PE ratio of 11.77, a PEG ratio of 0.72 and a beta of 0.81. The firm has a fifty day simple moving average of $34.19 and a two-hundred day simple moving average of $31.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.19.

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.