Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $36.30, but opened at $35.40. Washington Trust Bancorp shares last traded at $35.01, with a volume of 214,026 shares changing hands.
Wall Street Analyst Weigh In
Separately, Piper Sandler upgraded Washington Trust Bancorp from an "underweight" rating to a "neutral" rating and upped their price target for the stock from $30.00 to $34.00 in a research note on Tuesday, October 22nd.
View Our Latest Stock Report on Washington Trust Bancorp
Washington Trust Bancorp Trading Down 3.5 %
The firm's 50 day simple moving average is $35.69 and its 200-day simple moving average is $31.54. The company has a market capitalization of $597.96 million, a PE ratio of 13.12 and a beta of 0.79. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 2.63.
Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted 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. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.55%. The business had revenue of $103.86 million for the quarter, compared to analyst estimates of $47.32 million. During the same quarter in the previous year, the business posted $0.65 EPS. As a group, equities research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current year.
Washington Trust Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were paid a $0.56 dividend. The ex-dividend date was Tuesday, October 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.39%. Washington Trust Bancorp's dividend payout ratio (DPR) is currently 83.90%.
Hedge Funds Weigh In On Washington Trust Bancorp
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB purchased a new stake in shares of Washington Trust Bancorp during the third quarter valued at approximately $32,000. CWM LLC increased its stake in Washington Trust Bancorp by 29.9% during the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider's stock worth $86,000 after buying an additional 725 shares during the period. Barrett & Company Inc. lifted its holdings in Washington Trust Bancorp by 20.1% in the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider's stock worth $151,000 after buying an additional 787 shares in the last quarter. Sanders Morris Harris LLC purchased a new position in Washington Trust Bancorp in the 3rd quarter valued at about $206,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Washington Trust Bancorp in the 3rd quarter valued at about $209,000. 65.81% of the stock is owned by institutional investors and hedge funds.
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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