Washington Trust Bancorp, Inc. (NASDAQ:WASH) Announces Quarterly Dividend of $0.54

Washington Trust Bancorp, Inc. (NASDAQ:WASHGet Rating) announced a quarterly dividend on Thursday, June 16th, Zacks reports. Stockholders of record on Friday, July 1st will be given a dividend of 0.54 per share by the financial services provider on Friday, July 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date is Thursday, June 30th.

Washington Trust Bancorp has increased its dividend by an average of 6.1% annually over the last three years and has raised its dividend every year for the last 12 years. Washington Trust Bancorp has a payout ratio of 50.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Washington Trust Bancorp to earn $4.30 per share next year, which means the company should continue to be able to cover its $2.16 annual dividend with an expected future payout ratio of 50.2%.

WASH opened at $48.74 on Friday. Washington Trust Bancorp has a 12-month low of $45.60 and a 12-month high of $60.96. The stock has a market cap of $845.64 million, a price-to-earnings ratio of 11.72 and a beta of 0.76. The business has a 50 day moving average of $48.56 and a 200-day moving average of $53.04. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 0.15.

Washington Trust Bancorp (NASDAQ:WASHGet Rating) last released its quarterly earnings data on Monday, April 25th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.03. The company had revenue of $52.25 million during the quarter, compared to analysts’ expectations of $53.40 million. Washington Trust Bancorp had a return on equity of 13.35% and a net margin of 30.69%. During the same period last year, the firm posted $1.17 earnings per share. As a group, analysts expect that Washington Trust Bancorp will post 3.82 earnings per share for the current year.

Several analysts recently weighed in on WASH shares. StockNews.com started coverage on Washington Trust Bancorp in a report on Thursday, March 31st. They set a “hold” rating for the company. Piper Sandler cut Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a $56.00 price target for the company. in a report on Thursday, April 7th.

Institutional investors have recently bought and sold shares of the business. First Republic Investment Management Inc. increased its stake in Washington Trust Bancorp by 59.3% during the 1st quarter. First Republic Investment Management Inc. now owns 10,753 shares of the financial services provider’s stock worth $565,000 after acquiring an additional 4,003 shares during the period. Millennium Management LLC bought a new position in Washington Trust Bancorp during the 2nd quarter worth $485,000. MetLife Investment Management LLC increased its stake in Washington Trust Bancorp by 58.1% during the 1st quarter. MetLife Investment Management LLC now owns 8,760 shares of the financial services provider’s stock worth $460,000 after acquiring an additional 3,218 shares during the period. Keeley Teton Advisors LLC bought a new position in Washington Trust Bancorp during the 1st quarter worth $399,000. Finally, Royal Bank of Canada increased its stake in Washington Trust Bancorp by 13.5% during the 3rd quarter. Royal Bank of Canada now owns 7,478 shares of the financial services provider’s stock worth $396,000 after acquiring an additional 892 shares during the period. Hedge funds and other institutional investors own 77.37% of the company’s stock.

About Washington Trust Bancorp (Get Rating)

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.

Further Reading

Dividend History for Washington Trust Bancorp (NASDAQ:WASH)

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