Washington Trust Bancorp (NASDAQ:WASH) Issues Quarterly Earnings Results

Washington Trust Bancorp (NASDAQ:WASH) issued its earnings results on Tuesday. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.07), MarketWatch Earnings reports. Washington Trust Bancorp had a net margin of 29.37% and a return on equity of 14.79%.

Shares of Washington Trust Bancorp stock traded down $2.48 during trading hours on Thursday, hitting $48.59. The company’s stock had a trading volume of 605 shares, compared to its average volume of 86,765. Washington Trust Bancorp has a twelve month low of $30.01 and a twelve month high of $56.20. The company’s fifty day simple moving average is $52.76. The company has a market cap of $841.09 million, a PE ratio of 11.32 and a beta of 0.75. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.95 and a current ratio of 0.97.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 9th. Stockholders of record on Thursday, July 1st were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.28%. The ex-dividend date was Wednesday, June 30th. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 52.00%.

Several analysts have issued reports on the company. Piper Sandler upgraded Washington Trust Bancorp from a “neutral” rating to an “overweight” rating and set a $58.00 target price for the company in a report on Thursday, July 8th. Zacks Investment Research lowered Washington Trust Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, June 23rd.

In related news, EVP William K. Sr. Wray sold 1,200 shares of the stock in a transaction dated Monday, April 26th. The stock was sold at an average price of $52.20, for a total transaction of $62,640.00. Following the transaction, the executive vice president now owns 2,626 shares of the company’s stock, valued at approximately $137,077.20. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Edwin J. Santos sold 1,120 shares of the stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $51.88, for a total value of $58,105.60. Following the transaction, the director now directly owns 4,970 shares in the company, valued at approximately $257,843.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,320 shares of company stock worth $395,746. Corporate insiders own 2.18% of the company’s stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers 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 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 consists 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.

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Earnings History for Washington Trust Bancorp (NASDAQ:WASH)

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