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

Washington Trust Bancorp, Inc. (NASDAQ:WASH) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Stockholders of record on Monday, July 1st will be paid a dividend of 0.56 per share by the financial services provider on Friday, July 12th. This represents a $2.24 annualized dividend and a dividend yield of 8.17%. The ex-dividend date of this dividend is Monday, July 1st.

Washington Trust Bancorp has increased its dividend by an average of 3.0% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Washington Trust Bancorp has a payout ratio of 91.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Washington Trust Bancorp to earn $2.34 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 95.7%.

Washington Trust Bancorp Price Performance

Shares of NASDAQ:WASH opened at $27.41 on Friday. Washington Trust Bancorp has a 1-year low of $21.69 and a 1-year high of $33.96. The firm has a market capitalization of $467.34 million, a PE ratio of 10.11 and a beta of 0.81. The business’s 50 day moving average is $26.22 and its 200-day moving average is $27.29. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 2.70.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Monday, April 22nd. The financial services provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.21. The company had revenue of $48.83 million for the quarter, compared to analyst estimates of $45.24 million. Washington Trust Bancorp had a return on equity of 10.11% and a net margin of 12.01%. Sell-side analysts predict that Washington Trust Bancorp will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, June 17th.

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.