Washington Trust Bancorp (NASDAQ:WASH) Posts Quarterly Earnings Results, Misses Estimates By $0.11 EPS

Washington Trust Bancorp (NASDAQ:WASH) issued its quarterly earnings data on Monday. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.77 by ($0.11), FiscalAI reports. Washington Trust Bancorp had a return on equity of 9.75% and a net margin of 13.26%.The company had revenue of $98.35 million for the quarter, compared to the consensus estimate of $58.24 million.

Washington Trust Bancorp Stock Up 0.5%

Shares of WASH stock opened at $36.14 on Tuesday. The firm’s fifty day moving average price is $34.19 and its two-hundred day moving average price is $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. Washington Trust Bancorp has a 1 year low of $25.23 and a 1 year high of $37.08. The firm has a market capitalization of $688.11 million, a P/E ratio of 13.39, a PEG ratio of 0.72 and a beta of 0.81.

Washington Trust Bancorp Dividend Announcement

The firm 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 payout ratio is presently 82.96%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on WASH shares. 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. Piper Sandler initiated coverage on Washington Trust Bancorp in a research note on Monday, March 16th. They issued a “neutral” rating and a $32.00 price target on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a report on Wednesday, January 21st. Zacks Research cut Washington Trust Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Finally, Wall Street Zen upgraded Washington Trust Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, April 11th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, Washington Trust Bancorp has a consensus rating of “Hold” and a consensus target price of $31.33.

Hedge Funds Weigh In On Washington Trust Bancorp

Hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. raised its holdings in Washington Trust Bancorp by 28.3% during the third quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider’s stock worth $16,189,000 after acquiring an additional 123,734 shares in the last quarter. Qube Research & Technologies Ltd grew its stake in Washington Trust Bancorp by 173.8% in the third quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider’s stock valued at $2,554,000 after purchasing an additional 56,102 shares in the last quarter. Drexel Morgan & Co. grew its stake in Washington Trust Bancorp by 19.9% in the fourth quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider’s stock valued at $8,889,000 after purchasing an additional 50,000 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Washington Trust Bancorp by 16.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 267,595 shares of the financial services provider’s stock worth $7,907,000 after purchasing an additional 36,937 shares during the last quarter. Finally, Jane Street Group LLC acquired a new position in shares of Washington Trust Bancorp during the 2nd quarter worth approximately $857,000. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

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.