Washington Trust Bancorp (NASDAQ:WASH) – Analysts at Piper Sandler lowered their Q1 2020 earnings per share (EPS) estimates for shares of Washington Trust Bancorp in a research report issued to clients and investors on Monday, March 23rd. Piper Sandler analyst M. Fitzgibbon now anticipates that the financial services provider will post earnings of $0.79 per share for the quarter, down from their prior forecast of $0.86. Piper Sandler also issued estimates for Washington Trust Bancorp’s Q2 2020 earnings at $0.78 EPS, Q3 2020 earnings at $0.79 EPS, Q4 2020 earnings at $0.74 EPS, Q1 2021 earnings at $0.77 EPS, Q2 2021 earnings at $0.77 EPS, Q3 2021 earnings at $0.81 EPS and Q4 2021 earnings at $0.78 EPS.
A number of other brokerages have also recently issued reports on WASH. Zacks Investment Research cut shares of Washington Trust Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, March 18th. BidaskClub upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “sell” rating in a research note on Tuesday, March 17th. Finally, Compass Point cut Washington Trust Bancorp from a “buy” rating to a “neutral” rating and set a $53.00 price target for the company. in a report on Monday, December 9th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $54.00.
Shares of WASH stock opened at $36.21 on Thursday. The company has a fifty day moving average price of $42.69 and a two-hundred day moving average price of $48.93. Washington Trust Bancorp has a one year low of $25.86 and a one year high of $54.96. The stock has a market cap of $593.31 million, a P/E ratio of 9.14 and a beta of 0.72. The company has a debt-to-equity ratio of 2.37, a current ratio of 1.15 and a quick ratio of 1.14.
Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, January 27th. The financial services provider reported $0.89 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.06). Washington Trust Bancorp had a net margin of 26.06% and a return on equity of 14.11%. The firm had revenue of $48.61 million during the quarter, compared to the consensus estimate of $49.70 million.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Wednesday, April 1st will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 5.63%. The ex-dividend date is Tuesday, March 31st. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 51.52%.
Institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Washington Trust Bancorp by 1,645.2% in the fourth quarter. Bank of New York Mellon Corp now owns 2,079,210 shares of the financial services provider’s stock valued at $111,841,000 after purchasing an additional 1,960,072 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Washington Trust Bancorp by 7.3% in the fourth quarter. Principal Financial Group Inc. now owns 1,079,338 shares of the financial services provider’s stock valued at $58,058,000 after purchasing an additional 72,983 shares during the last quarter. Champlain Investment Partners LLC grew its position in shares of Washington Trust Bancorp by 10.2% in the fourth quarter. Champlain Investment Partners LLC now owns 855,050 shares of the financial services provider’s stock valued at $45,993,000 after purchasing an additional 79,335 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Washington Trust Bancorp by 12.6% during the 4th quarter. Franklin Resources Inc. now owns 791,482 shares of the financial services provider’s stock worth $42,574,000 after purchasing an additional 88,734 shares during the last quarter. Finally, State Street Corp lifted its holdings in Washington Trust Bancorp by 6.7% during the 4th quarter. State Street Corp now owns 332,460 shares of the financial services provider’s stock worth $18,052,000 after purchasing an additional 20,983 shares during the last quarter. 72.73% of the stock is owned by institutional investors and hedge funds.
About Washington Trust Bancorp
Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate 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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