Seaport Res Ptn Issues Optimistic Estimate for WASH Earnings

Washington Trust Bancorp, Inc. (NASDAQ:WASH) – Research analysts at Seaport Res Ptn increased their FY2024 earnings per share estimates for shares of Washington Trust Bancorp in a report released on Tuesday, October 22nd. Seaport Res Ptn analyst L. Hunsicker now anticipates that the financial services provider will post earnings per share of $2.45 for the year, up from their prior forecast of $2.31. The consensus estimate for Washington Trust Bancorp’s current full-year earnings is $2.42 per share. Seaport Res Ptn also issued estimates for Washington Trust Bancorp’s Q4 2024 earnings at $0.54 EPS, Q1 2025 earnings at $0.56 EPS, Q2 2025 earnings at $0.62 EPS, Q3 2025 earnings at $0.64 EPS, Q4 2025 earnings at $0.68 EPS and FY2025 earnings at $2.50 EPS.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The company had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a return on equity of 9.71% and a net margin of 11.24%. During the same period last year, the firm earned $0.65 EPS.

Separately, Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $30.00 to $34.00 in a report on Tuesday.

Washington Trust Bancorp Price Performance

NASDAQ:WASH opened at $34.22 on Thursday. Washington Trust Bancorp has a 52 week low of $21.69 and a 52 week high of $36.09. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 3.34. The business’s 50-day simple moving average is $32.09 and its two-hundred day simple moving average is $28.93. The stock has a market cap of $583.59 million, a PE ratio of 12.63 and a beta of 0.79.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of WASH. EntryPoint Capital LLC raised its stake in shares of Washington Trust Bancorp by 86.3% during the first quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 734 shares in the last quarter. CWM LLC lifted its holdings in shares of Washington Trust Bancorp by 29.9% during the second quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 725 shares during the period. Barrett & Company Inc. lifted its holdings in shares of Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 787 shares during the period. Sanders Morris Harris LLC acquired a new stake in shares of Washington Trust Bancorp during the third quarter worth about $206,000. Finally, IFG Advisory LLC acquired a new position in Washington Trust Bancorp in the second quarter valued at approximately $211,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.55%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.66%.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.