Washington Trust Bancorp (NASDAQ:WASH) – Equities researchers at Piper Sandler increased their Q3 2020 earnings per share (EPS) estimates for Washington Trust Bancorp in a research report issued on Monday, June 29th. Piper Sandler analyst M. Fitzgibbon now expects that the financial services provider will post earnings per share of $0.93 for the quarter, up from their prior forecast of $0.73. Piper Sandler also issued estimates for Washington Trust Bancorp’s FY2020 earnings at $2.92 EPS and Q1 2021 earnings at $0.77 EPS.
Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, April 27th. The financial services provider reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by ($0.02). Washington Trust Bancorp had a return on equity of 12.72% and a net margin of 23.81%. The firm had revenue of $52.53 million for the quarter, compared to the consensus estimate of $48.13 million.
Shares of NASDAQ WASH opened at $32.50 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 1.14 and a debt-to-equity ratio of 2.46. The company has a market cap of $545.37 million, a price-to-earnings ratio of 8.93 and a beta of 0.59. Washington Trust Bancorp has a 12 month low of $25.86 and a 12 month high of $54.96. The stock has a 50-day moving average price of $31.63 and a two-hundred day moving average price of $40.74.
Several institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Washington Trust Bancorp by 1,645.2% in the fourth quarter. Bank of New York Mellon Corp now owns 2,079,210 shares of the financial services provider’s stock valued at $111,841,000 after buying an additional 1,960,072 shares during the period. BlackRock Inc. increased its stake in shares of Washington Trust Bancorp by 2.9% in the first quarter. BlackRock Inc. now owns 1,198,478 shares of the financial services provider’s stock valued at $43,818,000 after buying an additional 33,399 shares during the period. Champlain Investment Partners LLC increased its stake in shares of Washington Trust Bancorp by 0.7% in the first quarter. Champlain Investment Partners LLC now owns 861,385 shares of the financial services provider’s stock valued at $31,492,000 after buying an additional 6,335 shares during the period. Franklin Resources Inc. increased its stake in shares of Washington Trust Bancorp by 2.1% in the first quarter. Franklin Resources Inc. now owns 808,248 shares of the financial services provider’s stock valued at $29,550,000 after buying an additional 16,766 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Washington Trust Bancorp by 25.7% during the 1st quarter. JPMorgan Chase & Co. now owns 372,078 shares of the financial services provider’s stock valued at $13,604,000 after purchasing an additional 76,080 shares during the period. 72.06% of the stock is owned by institutional investors.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 6.28%. The ex-dividend date of this dividend is Tuesday, June 30th. Washington Trust Bancorp’s dividend payout ratio is currently 51.52%.
About Washington Trust Bancorp
Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and 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; 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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