Washington Trust Bancorp, Inc. Announces Quarterly Dividend of $0.54 (NASDAQ:WASH)
Washington Trust Bancorp, Inc. (NASDAQ:WASH- received rating) announced a quarterly dividend on Friday, September 16, Wall Street Journal reports. Shareholders of record on Monday 3rd October will receive a dividend of 0.54 per share from the financial services provider on Friday 7th October. That equates to an annualized dividend of $2.16 and a yield of 4.32%. The ex-dividend date of this dividend is Friday September 30th.
Washington Trust Bancorp has increased its dividend payment by an average of 6.1% per year for the past three years, and has increased its dividend annually for the past 11 consecutive years. Washington Trust Bancorp has a payout ratio of 49.2%, which means its dividend is sufficiently backed by earnings. Analysts expect Washington Trust Bancorp to earn $4.53 per share over the next year, meaning the company should still be able to deliver its annual dividend of $2.16 with an expected future payout ratio of 47.7% to cover.
Washington Trust Bancorp stock performance
Shares of WASH stock on Friday rose $0.56 to hit $50.02. The stock had a trading volume of 232,383 shares compared to an average volume of 57,184. Washington Trust Bancorp has a 1 year low of $45.60 and a 1 year high of $60.96. The company has a 50-day simple moving average of $51.72 and a 200-day simple moving average of $50.62. The stock has a market cap of $858.89 million, a P/E of 11.50 and a beta of 0.78. The company has a debt to equity ratio of 0.74, a quick ratio of 0.91 and a current ratio of 0.91.
Washington Trust Bancorp (NASDAQ:WASH- received rating) last released its quarterly results on Monday, July 25. The financial services firm reported $1.14 EPS for the quarter, beating analysts’ consensus estimate of $0.91 by $0.23. Washington Trust Bancorp had a return on equity of 14.28% and a net margin of 31.97%. In the same quarter last year, the company earned $1.00 per share. Equities analysts expect Washington Trust Bancorp to post 4.19 EPS for the year to date.
Institutional trading by Washington Trust Bancorp
Hedge funds and other institutional investors have recently changed their positions in the company. Captrust Financial Advisors increased its stake in Washington Trust Bancorp by 16,450.0% during the second quarter. Captrust Financial Advisors now owns 662 shares of the financial services provider, valued at $32,000, after purchasing an additional 658 shares during the period. Legal & General Group Plc added 1.7% to its position in Washington Trust Bancorp in the second quarter. Legal & General Group Plc now owns 15,302 shares of the financial services provider, valued at $740,000, after purchasing an additional 254 shares last quarter. Goldman Sachs Group Inc. increased its position in shares of Washington Trust Bancorp by 32.6% in the second quarter. Goldman Sachs Group Inc. now owns 29,876 shares of the financial services provider, valued at $1,445,000, after purchasing an additional 7,338 shares during the period. First Republic Investment Management Inc. increased its stake in Washington Trust Bancorp by 6.9% in the second quarter. First Republic Investment Management Inc. now owns 11,497 shares of the financial services provider, valued at $556,000, after purchasing an additional 744 shares last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings of Washington Trust Bancorp stock by 4.0% during the second quarter. Price T Rowe Associates Inc. MD now owns 6,827 shares of the financial services provider, valued at $330,000, having purchased an additional 265 shares during the period. Hedge funds and other institutional investors own 71.44% of the company’s shares.
Wall Street analysts are weighing
Several analysts recently rated the stock. Compass Point raised its target price on Washington Trust Bancorp shares to $60.00 and gave the company a Outperform rating in a research note on Wednesday, July 27. StockNews.com upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report dated Monday, July 18.
Company Profile of Washington Trust Bancorp
Washington Trust Bancorp, Inc acts as the bank 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 through two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers various commercial and personal lending products such as: B. commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans, which consist of mortgage loans and homeowner construction loans; and consumer loans, which includes home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.
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