Equity research analysts expect Washington Trust Bancorp, Inc. (NASDAQ: WASHED – get rating) will post $53.40 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates of Washington Trust Bancorp’s earnings, with the higher estimate of sales at $53.50 million and the lower estimate at $53.30 million. Washington Trust Bancorp posted sales of $58.85 million during the same quarter last year, which would indicate a negative 9.3% year-over-year growth rate. The company is expected to announce its next earnings results before the market opens on Monday, January 1.
According to Zacks, analysts expect Washington Trust Bancorp to report annual sales of $220.80 million for the current fiscal year. For next year, analysts expect the company to report sales of $237.05 million, with estimates ranging from $233.40 million to $240.70 million. Zacks Investment Research sell averages are an average based on a survey of sell-side analysts who provide coverage for Washington Trust Bancorp.
Washington Trust Bancorp (NASDAQ: WASHED – get rating) last published its quarterly earnings results on Wednesday, January 26. The financial services provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.01 by $0.14. The company had revenue of $58.05 million in the quarter, compared to analyst estimates of $55.65 million. Washington Trust Bancorp had a return on equity of 13.94% and a net margin of 31.26%. During the same quarter of the prior year, the company posted earnings per share of $1.07.
Several research analysts have commented on the company. Zacks Investment Research raised Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, January 7. Piper Sandler lowered Washington Trust Bancorp’s rating from an “overweight” rating to a “neutral” rating and set a $56.00 price target on the stock. in an investigative report on Thursday. Finally, StockNews.com began coverage of Washington Trust Bancorp in an investigative report on Thursday, March 31. They set a “hold” rating on the stock.
Several hedge funds have recently made changes to their positions in the business. Bradley Foster & Sargent Inc. CT purchased a new position in shares of Washington Trust Bancorp in the fourth quarter valued at approximately $209,000. Norges Bank purchased a new share of Washington Trust Bancorp stock in the fourth quarter valued at approximately $8,131,000. Barclays PLC increased its stake in Washington Trust Bancorp shares by 7.9% in the fourth quarter. Barclays PLC now owns 39,995 shares of the financial services provider valued at $2,254,000 after buying an additional 2,940 shares in the last quarter. BlackRock Inc. increased its stake in shares of Washington Trust Bancorp by 2.0% in the fourth quarter. BlackRock Inc. now owns 1,540,201 shares of the financial services provider valued at $86,820,000 after buying an additional 29,642 shares last quarter. Finally, Mystic Asset Management Inc. purchased a new share of Washington Trust Bancorp stock in the fourth quarter valued at approximately $260,000. Institutional investors own 76.86% of the company’s shares.
TO WASH traded down $0.36 during Friday trading, reaching $48.80. 58,912 shares of the exchange were exchanged, compared to its average volume of 65,253. The company has a market capitalization of $845.70 million, a P/E ratio of 11.12, and a beta of 0.74. Washington Trust Bancorp has a 1-year minimum of $46.35 and a 1-year maximum of $60.96. The stock has a 50-day moving average price of $54.17 and a 200-day moving average price of $55.47. The company has a quick ratio of 0.89, a current ratio of 0.89, and a debt-to-equity ratio of 0.30.
The company also recently announced a quarterly dividend, which was paid on Friday, April 8. Shareholders of record on Friday, April 1 were paid a dividend of $0.54. The ex-dividend date of this dividend was Thursday, March 31. This represents an annualized dividend of $2.16 and a dividend yield of 4.43%. Washington Trust Bancorp’s Dividend Payout Ratio (DPR) is currently 49.20%.
About Washington Trust Bancorp (get rating)
Washington Trust Bancorp, Inc operates as the banking holding company for The Washington Trust Company, of Westerly, which provides a variety of 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 various commercial and retail loan products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans consisting of mortgages and home construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and personal loans secured by general aviation aircraft.
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