Washington Trust Bancorp, Inc. (NASDAQ:WASH) Plans $0.56 Quarterly Dividend

Washington Trust Bancorp, Inc. (NASDAQ:WASH) declared a quarterly dividend on Thursday, June 20th, Zacks reports. Stockholders of record on Monday, July 1st will be paid a dividend of 0.56 per share by the financial services provider on Friday, July 12th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date is Monday, July 1st.

Washington Trust Bancorp has raised its dividend by an average of 3.0% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Washington Trust Bancorp has a payout ratio of 91.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities research analysts expect Washington Trust Bancorp to earn $2.34 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 95.7%.

Washington Trust Bancorp Stock Performance

NASDAQ:WASH opened at $27.41 on Friday. Washington Trust Bancorp has a twelve month low of $21.69 and a twelve month high of $33.96. The company has a market capitalization of $467.45 million, a P/E ratio of 10.11 and a beta of 0.81. The firm has a 50-day moving average price of $26.22 and a two-hundred day moving average price of $27.28. The company has a current ratio of 1.08, a quick ratio of 1.07 and a debt-to-equity ratio of 2.70.

Washington Trust Bancorp (NASDAQ:WASH) last released its quarterly earnings results on Monday, April 22nd. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.21. Washington Trust Bancorp had a net margin of 12.01% and a return on equity of 10.11%. The company had revenue of $48.83 million for the quarter, compared to analysts’ expectations of $45.24 million. As a group, research analysts expect that Washington Trust Bancorp will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, June 17th.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides 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 offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; 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.