Washington Trust Bancorp (NASDAQ:WASH) Posts Earnings Results, Misses Estimates By $0.09 EPS

Washington Trust Bancorp (NASDAQ:WASH) announced its quarterly earnings data on Monday. The financial services provider reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.09), FiscalAI reports. The business had revenue of $98.35 million during the quarter, compared to analyst estimates of $58.24 million. Washington Trust Bancorp had a net margin of 13.26% and a return on equity of 9.75%.

Washington Trust Bancorp Stock Up 0.5%

Washington Trust Bancorp stock traded up $0.17 during mid-day trading on Monday, hitting $36.14. The company had a trading volume of 113,493 shares, compared to its average volume of 154,222. The stock has a market cap of $688.11 million, a price-to-earnings ratio of 13.39, a PEG ratio of 0.72 and a beta of 0.81. Washington Trust Bancorp has a 1 year low of $25.23 and a 1 year high of $37.08. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.19. The business has a fifty day moving average of $34.20 and a 200 day moving average of $31.07.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Wednesday, April 1st were paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 6.2%. The ex-dividend date was Wednesday, April 1st. Washington Trust Bancorp’s dividend payout ratio is currently 82.96%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Washington Trust Bancorp

Several large investors have recently modified their holdings of the company. Federated Hermes Inc. lifted its holdings in shares of Washington Trust Bancorp by 24.6% during the second quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 420 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Washington Trust Bancorp by 200.8% in 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 acquiring an additional 1,578 shares during the period. Russell Investments Group Ltd. increased its position 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 valued at $69,000 after buying an additional 1,869 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Washington Trust Bancorp by 35.4% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 3,016 shares of the financial services provider’s stock valued at $89,000 after buying an additional 789 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Washington Trust Bancorp by 312.5% in the second quarter. BNP Paribas Financial Markets now owns 4,504 shares of the financial services provider’s stock valued at $127,000 after buying an additional 3,412 shares in the last quarter. 65.81% of the stock is owned by institutional investors and hedge funds.

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.