Washington Trust Bancorp (NASDAQ:WASH) Posts Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Washington Trust Bancorp (NASDAQ:WASH) released 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 return on equity of 14.79% and a net margin of 29.37%.

Washington Trust Bancorp stock traded down $3.37 during midday trading on Thursday, hitting $47.70. 1,294 shares of the company’s stock were exchanged, compared to its average volume of 86,765. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.92. Washington Trust Bancorp has a 12 month low of $30.01 and a 12 month high of $56.20. The business’s 50-day moving average price is $52.76. The firm has a market cap of $825.69 million, a P/E ratio of 11.32 and a beta of 0.75.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 9th. Shareholders of record on Thursday, July 1st were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.36%. The ex-dividend date was Wednesday, June 30th. Washington Trust Bancorp’s payout ratio is 52.00%.

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

In other news, Director Edwin J. Santos sold 1,120 shares of the firm’s stock in a transaction dated Monday, May 3rd. The shares were sold at an average price of $51.88, for a total value of $58,105.60. Following the sale, the director now directly owns 4,970 shares in the company, valued at approximately $257,843.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP William K. Sr. Wray sold 1,200 shares of the firm’s stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $52.20, for a total transaction of $62,640.00. Following the completion of the sale, the executive vice president now owns 2,626 shares in the company, valued at $137,077.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,320 shares of company stock worth $395,746. 2.18% of the stock is owned by company insiders.

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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