Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) released its quarterly earnings results on Monday. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.08, Yahoo Finance reports. The firm had revenue of $103.86 million during the quarter, compared to the consensus estimate of $47.32 million. Washington Trust Bancorp had a return on equity of 9.95% and a net margin of 11.51%. During the same quarter in the prior year, the firm posted $0.65 EPS.
Washington Trust Bancorp Stock Performance
Shares of WASH stock traded up $2.57 during trading on Tuesday, hitting $34.46. The company's stock had a trading volume of 328,789 shares, compared to its average volume of 91,799. Washington Trust Bancorp has a 52 week low of $21.69 and a 52 week high of $35.01. The business has a fifty day moving average of $31.66 and a 200-day moving average of $28.72. The company has a current ratio of 1.15, a quick ratio of 1.14 and a debt-to-equity ratio of 3.34. The company has a market cap of $587.89 million, a PE ratio of 12.86 and a beta of 0.79.
Washington Trust Bancorp Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were given a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.24 annualized dividend and a yield of 6.50%. Washington Trust Bancorp's payout ratio is 83.58%.
Analyst Ratings Changes
Separately, Piper Sandler upgraded 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 report on Tuesday.
Get Our Latest Report on Washington Trust Bancorp
About Washington Trust Bancorp
(
Get Free Report)
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.
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