What is Seaport Res Ptn's Estimate for WASH FY2024 Earnings?

Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) - Investment analysts at Seaport Res Ptn boosted their FY2024 EPS estimates for shares of Washington Trust Bancorp in a research report issued to clients and investors on Tuesday, October 22nd. Seaport Res Ptn analyst L. Hunsicker now anticipates that the financial services provider will post earnings of $2.45 per share for the year, up from their prior forecast of $2.31. The consensus estimate for Washington Trust Bancorp's current full-year earnings is $2.42 per share. Seaport Res Ptn also issued estimates for Washington Trust Bancorp's Q4 2024 earnings at $0.54 EPS, Q1 2025 earnings at $0.56 EPS, Q2 2025 earnings at $0.62 EPS, Q3 2025 earnings at $0.64 EPS, Q4 2025 earnings at $0.68 EPS and FY2025 earnings at $2.50 EPS.

Separately, Piper Sandler upgraded Washington Trust Bancorp from an "underweight" rating to a "neutral" rating and increased their price target for the company from $30.00 to $34.00 in a research note on Tuesday.

Washington Trust Bancorp Stock Down 1.9 %

Shares of Washington Trust Bancorp stock traded down $0.69 during trading on Thursday, reaching $34.83. The company's stock had a trading volume of 79,655 shares, compared to its average volume of 92,039. Washington Trust Bancorp has a 1-year low of $21.69 and a 1-year high of $36.09. The company has a 50-day simple moving average of $32.01 and a two-hundred day simple moving average of $28.87. 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 company has a market cap of $593.99 million, a price-to-earnings ratio of 12.85 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.08. The company had revenue of $103.86 million during the quarter, compared to the consensus estimate of $47.32 million. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.71%. During the same period last year, the firm earned $0.65 earnings per share.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. EntryPoint Capital LLC increased its position in shares of Washington Trust Bancorp by 86.3% in the 1st quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 734 shares during the period. CWM LLC increased its holdings in shares of Washington Trust Bancorp by 29.9% in the second quarter. CWM LLC now owns 3,146 shares of the financial services provider's stock valued at $86,000 after purchasing an additional 725 shares during the period. Barrett & Company Inc. raised its stake in shares of Washington Trust Bancorp by 20.1% in the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider's stock worth $151,000 after purchasing an additional 787 shares during the last quarter. Sanders Morris Harris LLC acquired a new stake in shares of Washington Trust Bancorp during the third quarter worth about $206,000. Finally, IFG Advisory LLC purchased a new stake in Washington Trust Bancorp in the second quarter valued at approximately $211,000. Hedge funds and other institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a dividend of $0.56 per share. The ex-dividend date was Tuesday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 6.43%. Washington Trust Bancorp's payout ratio is 82.66%.

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.