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

Washington Trust Bancorp (NASDAQ:WASH) announced its quarterly earnings data on Monday. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07, FiscalAI reports. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. The firm had revenue of $60.47 million during the quarter, compared to analyst estimates of $59.91 million.

Washington Trust Bancorp Trading Down 0.8%

WASH traded down $0.30 on Monday, hitting $36.32. The company had a trading volume of 132,445 shares, compared to its average volume of 174,378. The firm has a market cap of $692.48 million, a P/E ratio of 13.30, a PEG ratio of 0.88 and a beta of 0.72. Washington Trust Bancorp has a 1 year low of $25.23 and a 1 year high of $37.50. The company’s fifty day moving average price is $34.22 and its 200 day moving average price is $33.41. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.09.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Investors of record on Wednesday, July 1st were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date of this dividend was Wednesday, July 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.05%.

Wall Street Analyst Weigh In

WASH has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings upgraded shares of Washington Trust Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, June 5th. Piper Sandler raised their price target on shares of Washington Trust Bancorp from $32.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, Zacks Research lowered shares of Washington Trust Bancorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $34.50.

Insider Activity at Washington Trust Bancorp

In related news, CFO Ronald S. Ohsberg purchased 1,606 shares of Washington Trust Bancorp stock in a transaction dated Friday, April 24th. The shares were acquired at an average cost of $31.00 per share, with a total value of $49,786.00. Following the purchase, the chief financial officer owned 29,705 shares of the company’s stock, valued at approximately $920,855. The trade was a 5.72% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Rolando A. Lora sold 885 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $31.55, for a total transaction of $27,921.75. Following the completion of the transaction, the executive vice president owned 11,292 shares in the company, valued at approximately $356,262.60. This represents a 7.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders purchased 36,801 shares of company stock worth $1,147,293. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds have recently made changes to their positions in the stock. Federated Hermes Inc. lifted its stake in 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 in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of 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 buying an additional 1,578 shares in the last quarter. Russell Investments Group Ltd. grew its stake 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 raised its holdings in shares of Washington Trust Bancorp by 35.4% in the 4th 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 during the period. Finally, BNP Paribas Financial Markets raised its holdings in shares of Washington Trust Bancorp by 312.5% in the 2nd 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 during the period. Hedge funds and other 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.