Wall Street brokers predict that Washington Trust Bancorp, Inc. (NASDAQ: WASH – Get a rating) will show earnings per share of $0.91 for the current fiscal quarter, Zacks reports. Two analysts provided earnings estimates for Washington Trust Bancorp, with the highest EPS estimate of $0.92 and the lowest estimate of $0.90. Washington Trust Bancorp reported earnings per share of $1.17 in the same quarter last year, suggesting a negative 22.2% year-over-year growth rate. The company is expected to release its next earnings report before the market opens on Monday, January 1.
According to Zacks, analysts expect Washington Trust Bancorp to report annual earnings of $3.78 per share for the current fiscal year, with EPS estimates ranging from $3.68 to $3.87. For the next fiscal year, analysts expect the company to report earnings of $4.13 per share, with EPS estimates ranging from $3.85 to $4.40. Zacks earnings per share averages are an average based on a survey of sell-side research analysts who follow Washington Trust Bancorp.
Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last announced its results on Wednesday, January 26. The financial services provider reported earnings per share of $1.15 for the quarter, beating Thomson Reuters consensus estimate of $1.01 by $0.14. The company posted revenue of $58.05 million in the quarter, versus analyst estimates of $55.65 million. Washington Trust Bancorp had a net margin of 31.26% and a return on equity of 13.94%. In the same quarter last year, the company posted earnings per share of $1.07.
WASH has been the subject of several research reports. StockNews.com launched a hedge on Washington Trust Bancorp shares in a research report on Thursday, March 31. They have placed a “holding” rating on the stock. Zacks Investment Research upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Friday, Jan. 7. Finally, Piper Sandler reduced shares of Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a target price of $56.00 for the stock. in a report on Thursday, April 7.
A number of hedge funds have recently increased or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Washington Trust Bancorp by 270.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,704 shares of the financial services provider worth $246,000 after buying 3,434 additional shares last quarter. Boston Trust Walden Corp increased its holdings in Washington Trust Bancorp by 2.1% in the first quarter. Boston Trust Walden Corp now owns 323,337 shares of the financial services provider worth $16,975,000 after buying an additional 6,652 shares last quarter. Bradley Foster & Sargent Inc. CT acquired a new stake in Washington Trust Bancorp during the fourth quarter valued at approximately $209,000. Norges Bank acquired a new stake in Washington Trust Bancorp during the fourth quarter worth approximately $8,131,000. Finally, Barclays PLC increased its stake in Washington Trust Bancorp by 7.9% during the fourth quarter. Barclays PLC now owns 39,995 shares of the financial services provider worth $2,254,000 after buying a further 2,940 shares last quarter. 76.86% of the shares are currently held by institutional investors.
WASH inventory traded down $0.82 during Friday’s midday session, hitting $49.69. 38,932 shares of the company were traded, against an average volume of 57,165. The company has a market capitalization of $861.18 million, a P/E ratio of 11.32 and a beta of 0.74. Washington Trust Bancorp has a 12-month low of $46.35 and a 12-month high of $60.96. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt ratio of 0.30. The company has a fifty-day simple moving average of $52.84 and a 200-day simple moving average of $55.19.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 8. Shareholders of record on Friday, April 1 received a dividend of $0.54 per share. The ex-dividend date was Thursday, March 31. This represents a dividend of $2.16 on an annualized basis and a yield of 4.35%. Washington Trust Bancorp’s payout ratio is currently 49.20%.
Washington Trust Bancorp Company Profile (Get a rating)
Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans which consist of homeowner mortgages and construction loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.
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