Washington Trust Bancorp (NASDAQ:WASH) Posts Earnings Results

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

Washington Trust Bancorp Trading Up 0.4 %

WASH stock traded up $0.12 during midday trading on Wednesday, reaching $32.48. 187,546 shares of the company traded hands, compared to its average volume of 192,775. The firm has a market capitalization of $625.47 million, a price-to-earnings ratio of 12.16 and a beta of 0.81. Washington Trust Bancorp has a 52-week low of $24.11 and a 52-week high of $40.59. The business has a 50 day moving average of $33.50 and a 200-day moving average of $32.88. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10.

Washington Trust Bancorp Announces Dividend

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

Analysts Set New Price Targets

A number of research firms have recently commented on WASH. Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and increased their price target for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd. StockNews.com downgraded Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, January 21st.

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.