Washington Trust Bancorp (NASDAQ:WASH) Announces Earnings Results

Washington Trust Bancorp (NASDAQ:WASH) issued its earnings results on Wednesday. The financial services provider reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02, Zacks reports. Washington Trust Bancorp had a return on equity of 9.55% and a net margin of 11.24%.

Washington Trust Bancorp Stock Performance

Shares of NASDAQ WASH traded up $0.12 during midday trading on Wednesday, hitting $32.48. 187,546 shares of the company’s stock were exchanged, compared to its average volume of 192,775. Washington Trust Bancorp has a twelve month low of $24.11 and a twelve month high of $40.59. The firm has a market cap of $625.47 million, a P/E ratio of 12.16 and a beta of 0.81. The stock’s 50 day moving average price is $33.50 and its 200-day moving average price is $32.88. The company has a debt-to-equity ratio of 2.63, a current ratio of 1.10 and a quick ratio of 1.10.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Thursday, January 2nd were issued a dividend of $0.56 per share. The ex-dividend date was Thursday, January 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.90%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. StockNews.com lowered Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, January 21st. Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Company Profile

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.