Key Points
- EVP James Cannon Brown bought 32,000 shares on April 23 at an average price of $31.17, spending about $997,440 and raising his stake to 37,280 shares — a 606.06% increase in his position.
- The company reported quarterly EPS of $0.66 versus $0.77 expected (a miss) while revenue came in at $98.35 million versus a $58.24 million consensus (a beat), with a net margin of 13.71% and ROE of 9.85%.
- Washington Trust pays a quarterly dividend of $0.56 (annualized $2.24) for a ~7.1% yield; the stock trades with a PE of ~11.6 and a MarketBeat consensus rating of "Hold" with a $31.33 target.
Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) EVP James Cannon Brown purchased 32,000 shares of the firm's stock in a transaction on Thursday, April 23rd. The stock was bought at an average cost of $31.17 per share, with a total value of $997,440.00. Following the completion of the purchase, the executive vice president owned 37,280 shares of the company's stock, valued at approximately $1,162,017.60. This represents a 606.06% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Washington Trust Bancorp Price Performance
WASH stock opened at $31.63 on Tuesday. The stock has a market capitalization of $602.24 million, a PE ratio of 11.59, a price-to-earnings-growth ratio of 0.66 and a beta of 0.81. The company's 50-day moving average is $33.69 and its 200-day moving average is $31.21. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.99 and a quick ratio of 0.99. Washington Trust Bancorp, Inc. has a 1 year low of $25.23 and a 1 year high of $37.08.
Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its earnings results on Monday, April 20th. The financial services provider reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.77 by ($0.11). Washington Trust Bancorp had a net margin of 13.71% and a return on equity of 9.85%. The firm had revenue of $98.35 million during the quarter, compared to the consensus estimate of $58.24 million. Equities research analysts expect that Washington Trust Bancorp, Inc. will post 3.19 EPS for the current fiscal year.
Washington Trust Bancorp Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 10th. Shareholders of record on Wednesday, April 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 7.1%. The ex-dividend date of this dividend was Wednesday, April 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is 82.05%.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the stock. Essex Financial Services Inc. bought a new stake in Washington Trust Bancorp during the first quarter worth $206,000. Barry Investment Advisors LLC bought a new position in Washington Trust Bancorp during the 1st quarter valued at $202,000. Brown Lisle Cummings Inc. lifted its stake in Washington Trust Bancorp by 1.3% during the 1st quarter. Brown Lisle Cummings Inc. now owns 47,098 shares of the financial services provider's stock valued at $1,576,000 after acquiring an additional 620 shares in the last quarter. Virtu Financial LLC purchased a new position in Washington Trust Bancorp during the 4th quarter worth $368,000. Finally, Mercer Global Advisors Inc. ADV purchased a new position in Washington Trust Bancorp during the 4th quarter worth $249,000. Hedge funds and other institutional investors own 65.81% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on WASH. Zacks Research lowered Washington Trust Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Piper Sandler assumed coverage on shares of Washington Trust Bancorp in a research note on Monday, March 16th. They set a "neutral" rating and a $32.00 price target for the company. Keefe, Bruyette & Woods upped their price objective on shares of Washington Trust Bancorp from $30.00 to $34.00 and gave the stock a "market perform" rating in a report on Friday, January 30th. Wall Street Zen lowered shares of Washington Trust Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Weiss Ratings upgraded shares of Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Washington Trust Bancorp has a consensus rating of "Hold" and a consensus target price of $31.33.
Get Our Latest Analysis on WASH
About Washington Trust Bancorp
(
Get Free Report)
Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.
The company's core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.
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