Washington Trust Bancorp, Inc. Plans Quarterly Dividend of $0.56 (NASDAQ:WASH)

Washington Trust Bancorp, Inc. (NASDAQ:WASH) announced a quarterly dividend on Thursday, June 18th. Shareholders of record on Wednesday, July 1st will be given a dividend of 0.56 per share by the financial services provider on Friday, July 10th. This represents a c) annualized dividend and a yield of 6.4%. The ex-dividend date of this dividend is Wednesday, July 1st.

Washington Trust Bancorp has raised its dividend payment by an average of 0.0%per year over the last three years. Washington Trust Bancorp has a payout ratio of 73.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Washington Trust Bancorp to earn $3.38 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 66.3%.

Washington Trust Bancorp Stock Performance

Shares of WASH stock opened at $34.92 on Friday. The stock has a market cap of $665.92 million, a P/E ratio of 12.79, a P/E/G ratio of 0.83 and a beta of 0.74. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.99 and a quick ratio of 0.98. The company has a fifty day moving average price of $33.07 and a two-hundred day moving average price of $32.54. Washington Trust Bancorp has a one year low of $25.23 and a one year high of $37.08.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.11). The firm had revenue of $57.83 million during the quarter, compared to the consensus estimate of $58.24 million. Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.79%. As a group, equities analysts predict that Washington Trust Bancorp will post 3.09 EPS for the current year.

Insider Activity at Washington Trust Bancorp

In related news, CFO Ronald S. Ohsberg bought 1,606 shares of the business’s stock in a transaction dated Friday, April 24th. The stock was bought at an average price of $31.00 per share, for a total transaction of $49,786.00. Following the purchase, the chief financial officer owned 29,705 shares in the company, valued at $920,855. This represents a 5.72% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Edward O. Handy III bought 3,195 shares of Washington Trust Bancorp stock in a transaction that occurred on Monday, April 27th. The shares were bought at an average cost of $31.32 per share, with a total value of $100,067.40. Following the acquisition, the chief executive officer directly owned 51,442 shares in the company, valued at $1,611,163.44. This trade represents a 6.62% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 36,801 shares of company stock worth $1,147,293. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently made changes to their positions in WASH. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Washington Trust Bancorp by 17.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,351 shares of the financial services provider’s stock worth $350,000 after purchasing an additional 1,708 shares during the period. Legal & General Group Plc boosted its stake in Washington Trust Bancorp by 8.1% in the 2nd quarter. Legal & General Group Plc now owns 19,312 shares of the financial services provider’s stock valued at $546,000 after purchasing an additional 1,448 shares during the period. Rhumbline Advisers grew its holdings in Washington Trust Bancorp by 9.8% in the 2nd quarter. Rhumbline Advisers now owns 29,957 shares of the financial services provider’s stock valued at $847,000 after buying an additional 2,670 shares in the last quarter. Quantbot Technologies LP acquired a new position in Washington Trust Bancorp in the 2nd quarter valued at $409,000. Finally, Invesco Ltd. increased its position in Washington Trust Bancorp by 3.0% during the 2nd quarter. Invesco Ltd. now owns 304,400 shares of the financial services provider’s stock worth $8,608,000 after buying an additional 8,938 shares during the period. 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.