Washington Trust Bancorp, Inc. to Issue Quarterly Dividend of $0.56 (NASDAQ:WASH)

Washington Trust Bancorp, Inc. (NASDAQ:WASH) announced a quarterly dividend on Thursday, September 19th, Zacks reports. Shareholders of record on Tuesday, October 1st will be given a dividend of 0.56 per share by the financial services provider on Friday, October 11th. This represents a $2.24 dividend on an annualized basis and a yield of 6.83%. The ex-dividend date is Tuesday, October 1st.

Washington Trust Bancorp has raised its dividend payment by an average of 3.0% annually over the last three years and has raised its dividend annually for the last 13 consecutive years. Washington Trust Bancorp has a payout ratio of 91.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Washington Trust Bancorp to earn $2.45 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 91.4%.

Washington Trust Bancorp Stock Performance

NASDAQ WASH opened at $32.81 on Friday. 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 company has a market capitalization of $559.74 million, a P/E ratio of 12.11 and a beta of 0.79. Washington Trust Bancorp has a 12-month low of $21.69 and a 12-month high of $34.27. The firm has a 50-day moving average price of $31.11 and a two-hundred day moving average price of $27.82.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings data on Monday, July 22nd. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.14. The firm had revenue of $102.66 million during the quarter, compared to the consensus estimate of $46.06 million. Washington Trust Bancorp had a net margin of 11.51% and a return on equity of 9.95%. During the same quarter in the previous year, the firm posted $0.66 EPS. Analysts anticipate that Washington Trust Bancorp will post 2.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

About Washington Trust Bancorp

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.