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

Washington Trust Bancorp (NASDAQ:WASH) posted its earnings results on Monday. The financial services provider reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08, Yahoo Finance reports. The company had revenue of $103.86 million for the quarter, compared to the consensus estimate of $47.32 million. Washington Trust Bancorp had a return on equity of 9.71% and a net margin of 11.24%. During the same quarter in the prior year, the company earned $0.65 earnings per share.

Washington Trust Bancorp Stock Up 3.1 %

NASDAQ WASH opened at $35.52 on Thursday. The company has a market capitalization of $605.97 million, a P/E ratio of 13.30 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. The stock’s 50-day moving average price is $31.91 and its 200-day moving average price is $28.83. Washington Trust Bancorp has a 52 week low of $21.69 and a 52 week high of $36.09.

Washington Trust Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were given 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 yield of 6.31%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 83.90%.

Analysts Set New Price Targets

Separately, Piper Sandler upgraded shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and increased their price objective for the stock 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.