Washington Trust Bancorp (NASDAQ:WASH) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Washington Trust Bancorp (NASDAQ:WASH) issued its quarterly earnings data on Monday. The financial services provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08, Yahoo Finance reports. The business had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. Washington Trust Bancorp had a net margin of 11.51% and a return on equity of 9.95%. During the same period last year, the business posted $0.65 earnings per share.

Washington Trust Bancorp Stock Performance

Shares of WASH stock opened at $34.46 on Wednesday. Washington Trust Bancorp has a 12 month low of $21.69 and a 12 month high of $35.01. The company’s fifty day simple moving average is $31.77 and its 200-day simple moving average is $28.78. The firm has a market cap of $587.89 million, a PE ratio of 12.86 and a beta of 0.79. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 3.34.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.50%. Washington Trust Bancorp’s dividend payout ratio is currently 83.58%.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $30.00 to $34.00 in a research note on Tuesday.

About Washington Trust Bancorp

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.