Washington Trust Bancorp (NASDAQ:WASH) Shares Gap Up After Earnings Beat

Shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $31.89, but opened at $32.58. Washington Trust Bancorp shares last traded at $33.95, with a volume of 79,347 shares traded.

The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a return on equity of 9.95% and a net margin of 11.51%. During the same period in the previous year, the firm posted $0.65 EPS.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st were issued a dividend of $0.56 per share. The ex-dividend date was Tuesday, October 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.50%. Washington Trust Bancorp’s dividend payout ratio is 83.58%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $30.00 to $34.00 in a report on Tuesday.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its position in Washington Trust Bancorp by 7.7% during the second quarter. Dimensional Fund Advisors LP now owns 826,057 shares of the financial services provider’s stock valued at $22,642,000 after purchasing an additional 59,115 shares during the last quarter. Inspire Advisors LLC acquired a new stake in Washington Trust Bancorp during the second quarter valued at $1,529,000. American Century Companies Inc. boosted its position in Washington Trust Bancorp by 16.5% during the second quarter. American Century Companies Inc. now owns 282,925 shares of the financial services provider’s stock valued at $7,755,000 after purchasing an additional 40,122 shares during the last quarter. Renaissance Technologies LLC boosted its position in Washington Trust Bancorp by 56.6% during the second quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock valued at $2,979,000 after purchasing an additional 39,268 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in Washington Trust Bancorp by 10.6% during the first quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock valued at $7,834,000 after purchasing an additional 27,979 shares during the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Trading Up 8.1 %

The stock has a market cap of $587.89 million, a price-to-earnings ratio of 12.86 and a beta of 0.79. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 3.34. The business has a 50-day moving average of $31.77 and a 200-day moving average of $28.78.

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.