Washington Trust Bancorp (NASDAQ:WASH) Releases Earnings Results

Washington Trust Bancorp (NASDAQ:WASH) announced its earnings results on Wednesday. The financial services provider reported an earnings per share (EPS) of $0.59 for the quarter, surpassing the consensus estimate of $0.57 by $0.02. This strong performance highlights the company's ability to manage expenses effectively and generate profit. Washington Trust Bancorp achieved a net margin of 11.24% and a return on equity of 9.55%, indicating healthy financial stability and efficiency.

Stock Performance

On the day of the announcement, NASDAQ-listed Washington Trust Bancorp saw a slight increase of 0.4%, with shares trading up by $0.12 to reach $32.48. The trading volume for the day was 187,546 shares, lower than the average volume of 192,775 shares. The company currently has a market capitalization of approximately $625.47 million, a price-to-earnings (P/E) ratio of 12.16, and a beta of 0.81. It has a 50-day moving average of $33.50 and a 200-day moving average of $32.88. Additionally, Washington Trust Bancorp has a current ratio of 1.10, a quick ratio of 1.10, and a debt-to-equity ratio of 2.63. Over the past twelve months, its stock price has fluctuated, reaching a low of $24.11 and a high of $40.59.

Dividend Announcement

The company also declared a quarterly dividend, which was paid recently. Investors on record were paid a dividend of $0.56 on January 15. This annualizes to a dividend of $2.24, offering a yield of 6.90%. Washington Trust Bancorp has a dividend payout ratio (DPR) of 83.90%, which reflects its commitment to returning value to its shareholders.

Analyst Opinions

Several financial analysts have weighed in on Washington Trust Bancorp. StockNews.com downgraded the stock from a "hold" rating to a "sell" rating recently. Conversely, Piper Sandler upgraded Washington Trust Bancorp from an "underweight" rating to a "neutral" rating and adjusted their price target for the stock from $30.00 to $34.00.

Company Overview

Washington Trust Bancorp, Inc. serves as the bank holding company for The Washington Trust Company, based in Westerly. The company provides a variety of banking and financial services to both individuals and businesses. It operates in two main segments: Commercial Banking and Wealth Management Services. The Commercial Banking segment offers a range of deposit accounts, including interest-bearing and noninterest-bearing accounts, as well as various lending products such as commercial real estate loans, industrial loans, residential real estate loans, and consumer loans.

Earnings, Finance, Stocks