The Washington Trust Bancorp, Inc. (WASH) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

The Washington Trust Bancorp, Inc. (WASH) Posts Quarterly  Earnings Results, Beats Expectations By $0.06 EPS

Shares of Washington Trust Bancorp (WASH) opened at 50.45 on Tuesday. The company’s 50 day moving average is $50.73 and its 200-day moving average is $51.55. The stock has a market capitalization of $868.04 million, a price-to-earnings ratio of 18.41 and a beta of 0.72. Washington Trust Bancorp has a 1-year low of $36.42 and a 1-year high of $58.30.

Washington Trust Bancorp, Inc. (NASDAQ:WASH) issued its quarterly earnings results on Monday. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.06, Morningstar.com reports. Washington Trust Bancorp had a net margin of 23.49% and a return on equity of 12.02%.

The company also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Monday, July 3rd were paid a dividend of $0.38 per share. The ex-dividend date was Thursday, June 29th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.01%. Washington Trust Bancorp’s payout ratio is 55.47%.

Several analysts have recently issued reports on the stock. BidaskClub cut shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Monday. Keefe, Bruyette & Woods reissued a “hold” rating and set a $55.00 price target on shares of Washington Trust Bancorp in a research report on Monday, April 10th.

In related news, Chairman Joseph J. Marcaurele sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $52.10, for a total transaction of $260,500.00. Following the transaction, the chairman now directly owns 62,455 shares of the company’s stock, valued at approximately $3,253,905.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 5,895 shares of company stock worth $304,382 over the last three months. 2.58% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its position in shares of Washington Trust Bancorp by 0.8% in the first quarter. Alliancebernstein L.P. now owns 23,990 shares of the financial services provider’s stock valued at $1,183,000 after buying an additional 200 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Washington Trust Bancorp by 1.9% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 15,790 shares of the financial services provider’s stock valued at $778,000 after buying an additional 300 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Washington Trust Bancorp by 1.9% in the first quarter. Bank of America Corp DE now owns 29,955 shares of the financial services provider’s stock valued at $1,477,000 after buying an additional 546 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Washington Trust Bancorp by 2.1% in the fourth quarter. Teachers Advisors LLC now owns 28,812 shares of the financial services provider’s stock valued at $1,615,000 after buying an additional 585 shares in the last quarter. Finally, Parametric Portfolio Associates LLC boosted its position in shares of Washington Trust Bancorp by 3.6% in the first quarter. Parametric Portfolio Associates LLC now owns 16,859 shares of the financial services provider’s stock valued at $831,000 after buying an additional 588 shares in the last quarter. 55.04% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is a bank holding company and financial holding company. The Company is a holding company of The Washington Trust Company, of Westerly (the Bank), a Rhode Island chartered commercial bank. The Company operates through two business segments: Commercial Banking and Wealth Management Services.

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