Key Points
- Insider sale: EVP Rolando Lora sold 885 shares on April 30 at an average price of $31.55 for $27,921.75, reducing his stake by 7.27% to 11,292 shares, per an SEC filing.
- The company reported Q1 EPS of $0.66 versus analysts' $0.77 estimate and revenue of $57.83M, and analysts' consensus rating is "Hold" with a $31.33 target after several recent rating changes.
- Washington Trust shares trade around $31.23 (12‑month range $25.23–$37.08) with a market cap of ~$594.6M, and the firm pays a quarterly dividend of $0.56 (a 7.2% yield) with a payout ratio of ~82%.
Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) EVP Rolando Lora sold 885 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $31.55, for a total value of $27,921.75. Following the transaction, the executive vice president directly owned 11,292 shares of the company's stock, valued at $356,262.60. The trade was a 7.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Washington Trust Bancorp Price Performance
Shares of Washington Trust Bancorp stock opened at $31.23 on Tuesday. The business has a 50 day simple moving average of $33.45 and a two-hundred day simple moving average of $31.31. Washington Trust Bancorp, Inc. has a 12 month low of $25.23 and a 12 month high of $37.08. The stock has a market capitalization of $594.62 million, a P/E ratio of 11.44, a PEG ratio of 0.68 and a beta of 0.73. 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 (NASDAQ:WASH - Get Free Report) last announced 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 $57.83 million for the quarter, compared to analyst estimates of $58.24 million. As a group, analysts predict that Washington Trust Bancorp, Inc. will post 3.19 EPS for the current fiscal year.
Washington Trust Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, April 10th. Investors of record on Wednesday, April 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 7.2%. The ex-dividend date of this dividend was Wednesday, April 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is currently 82.05%.
Analysts Set New Price Targets
Several research firms recently commented on WASH. Weiss Ratings raised Washington Trust Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, April 21st. Zacks Research cut Washington Trust Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, April 6th. Wall Street Zen cut Washington Trust Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. Piper Sandler assumed coverage on Washington Trust Bancorp in a report on Monday, March 16th. They issued a "neutral" rating and a $32.00 price target for the company. Finally, Keefe, Bruyette & Woods raised 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 research report on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $31.33.
Read Our Latest Stock Analysis on WASH
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in WASH. First Horizon Corp purchased a new position in Washington Trust Bancorp in the first quarter worth approximately $9,912,000. Franklin Resources Inc. grew its position in Washington Trust Bancorp by 28.3% in the third quarter. Franklin Resources Inc. now owns 560,188 shares of the financial services provider's stock worth $16,189,000 after acquiring an additional 123,734 shares during the period. SG Americas Securities LLC grew its position in Washington Trust Bancorp by 1,417.2% in the fourth quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider's stock worth $2,908,000 after acquiring an additional 91,936 shares during the period. Qube Research & Technologies Ltd grew its position in Washington Trust Bancorp by 173.8% in the third quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider's stock worth $2,554,000 after acquiring an additional 56,102 shares during the period. Finally, Drexel Morgan & Co. grew its position in Washington Trust Bancorp by 19.9% in the fourth quarter. Drexel Morgan & Co. now owns 300,800 shares of the financial services provider's stock worth $8,889,000 after acquiring an additional 50,000 shares during the period. 65.81% of the stock is currently owned by hedge funds and other institutional investors.
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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