Key Points
- Insider sale: Director Edwin Santos sold 1,200 Washington Trust Bancorp shares for $47,100, reducing his ownership by 11.64% to 9,110 shares.
- Strong quarterly results: The company reported quarterly EPS of $1.01, exceeding analyst estimates of $0.87, while revenue of $64.96 million also topped expectations.
- Dividend and outlook: Washington Trust pays an annualized dividend of $2.24 per share, yielding about 5.7%. Analysts hold a consensus “Moderate Buy” rating with an average price target of $37.
Washington Trust Bancorp, Inc. (NASDAQ:WASH - Get Free Report) Director Edwin Santos sold 1,200 shares of the business's stock in a transaction on Monday, October 26th. The stock was sold at an average price of $39.25, for a total transaction of $47,100.00. Following the transaction, the director owned 9,110 shares in the company, valued at approximately $357,567.50. The trade was a 11.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Washington Trust Bancorp Stock Performance
NASDAQ WASH opened at $38.99 on Thursday. The firm has a market capitalization of $743.70 million, a P/E ratio of 11.71, a price-to-earnings-growth ratio of 0.83 and a beta of 0.73. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.86. The firm's fifty day moving average price is $38.75 and its two-hundred day moving average price is $35.51. Washington Trust Bancorp, Inc. has a 1 year low of $26.52 and a 1 year high of $40.54.
Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.01 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $0.14. Washington Trust Bancorp had a net margin of 16.73% and a return on equity of 11.67%. The company had revenue of $64.96 million during the quarter, compared to the consensus estimate of $62.62 million. As a group, research analysts anticipate that Washington Trust Bancorp, Inc. will post 3.26 EPS for the current year.
Washington Trust Bancorp Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, October 9th. Stockholders of record on Thursday, October 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Thursday, October 1st. Washington Trust Bancorp's dividend payout ratio is presently 67.27%.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased its stake in shares of Washington Trust Bancorp by 107.8% during the third quarter. GAMMA Investing LLC now owns 802 shares of the financial services provider's stock worth $30,000 after purchasing an additional 416 shares during the period. State of Alaska Department of Revenue acquired a new stake in Washington Trust Bancorp during the 3rd quarter worth approximately $27,000. Hennion & Walsh Asset Management Inc. lifted its holdings in Washington Trust Bancorp by 8.8% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 9,168 shares of the financial services provider's stock worth $334,000 after purchasing an additional 740 shares during the last quarter. Rockland Trust Co. boosted its stake in Washington Trust Bancorp by 3.0% in the 2nd quarter. Rockland Trust Co. now owns 26,527 shares of the financial services provider's stock valued at $968,000 after purchasing an additional 770 shares during the period. Finally, Allworth Financial LP boosted its stake in Washington Trust Bancorp by 185.1% in the 2nd quarter. Allworth Financial LP now owns 1,380 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 896 shares during the period. 65.81% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities analysts recently commented on the company. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Keefe, Bruyette & Woods upped their price objective on Washington Trust Bancorp from $36.00 to $39.00 and gave the company a "market perform" rating in a research note on Wednesday, October 21st. Zacks Research upgraded Washington Trust Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 19th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Washington Trust Bancorp in a research report on Wednesday, September 2nd. Finally, Seaport Research Partners downgraded Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Washington Trust Bancorp has a consensus rating of "Moderate Buy" and an average price target of $37.00.
Get Our Latest Report on Washington Trust Bancorp
Washington Trust Bancorp Company Profile
(
Get Free Report)
Washington Trust Bancorp, Inc is the holding company for The Washington Trust Company, a community-focused financial institution headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is one of the oldest continuously operating banks in the United States.
The company provides commercial, small-business, residential mortgage and consumer banking services. Its offerings include deposit accounts, commercial and consumer loans, residential mortgages, cash-management services, online and mobile banking, and other financial services for individuals, families and businesses.
Washington Trust also operates a wealth-management business that provides investment management, financial planning, trust administration, estate planning and related services.
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