Washington Trust Bancorp (NASDAQ:WASH) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Washington Trust Bancorp (NASDAQ:WASH) posted its quarterly earnings results on Tuesday. The financial services provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.07), MarketWatch Earnings reports. Washington Trust Bancorp had a net margin of 29.37% and a return on equity of 14.79%.

WASH stock traded down $2.48 during midday trading on Thursday, hitting $48.59. 605 shares of the stock were exchanged, compared to its average volume of 86,765. The stock’s 50-day moving average is $52.76. The stock has a market capitalization of $841.09 million, a PE ratio of 11.32 and a beta of 0.75. Washington Trust Bancorp has a fifty-two week low of $30.01 and a fifty-two week high of $56.20. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.95 and a current ratio of 0.97.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 9th. Investors of record on Thursday, July 1st were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Wednesday, June 30th. This represents a $2.08 annualized dividend and a yield of 4.28%. Washington Trust Bancorp’s dividend payout ratio is presently 52.00%.

In other Washington Trust Bancorp news, EVP William K. Sr. Wray sold 1,200 shares of the firm’s stock in a transaction on Monday, April 26th. The stock was sold at an average price of $52.20, for a total transaction of $62,640.00. Following the completion of the transaction, the executive vice president now owns 2,626 shares of the company’s stock, valued at $137,077.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edwin J. Santos sold 1,120 shares of the firm’s stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $51.88, for a total value of $58,105.60. Following the transaction, the director now directly owns 4,970 shares of the company’s stock, valued at approximately $257,843.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,320 shares of company stock valued at $395,746. 2.18% of the stock is currently owned by insiders.

Several brokerages recently issued reports on WASH. Zacks Investment Research cut Washington Trust Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 23rd. Piper Sandler raised Washington Trust Bancorp from a “neutral” rating to an “overweight” rating and set a $58.00 price objective for the company in a report on Thursday, July 8th.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers 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 provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans consists 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.

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Earnings History for Washington Trust Bancorp (NASDAQ:WASH)

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