FY2024 Earnings Estimate for WASH Issued By Seaport Res Ptn

Washington Trust Bancorp, Inc. (NASDAQ:WASH) – Equities research analysts at Seaport Res Ptn increased their FY2024 earnings per share estimates for shares of Washington Trust Bancorp in a note issued to investors on Tuesday, October 22nd. Seaport Res Ptn analyst L. Hunsicker now expects that the financial services provider will earn $2.45 per share for the year, up from their prior estimate of $2.31. The consensus estimate for Washington Trust Bancorp’s current full-year earnings is $2.42 per share. Seaport Res Ptn also issued estimates for Washington Trust Bancorp’s Q4 2024 earnings at $0.54 EPS, Q1 2025 earnings at $0.56 EPS, Q2 2025 earnings at $0.62 EPS, Q3 2025 earnings at $0.64 EPS, Q4 2025 earnings at $0.68 EPS and FY2025 earnings at $2.50 EPS.

Washington Trust Bancorp (NASDAQ:WASH) last posted its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.08. Washington Trust Bancorp had a net margin of 11.24% and a return on equity of 9.71%. The business had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. During the same period in the prior year, the company posted $0.65 EPS.

Separately, Piper Sandler raised Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $30.00 to $34.00 in a research note on Tuesday.

Washington Trust Bancorp Trading Down 1.9 %

Shares of WASH opened at $34.83 on Thursday. Washington Trust Bancorp has a twelve month low of $21.69 and a twelve month high of $36.09. The company has a current ratio of 1.15, a quick ratio of 1.14 and a debt-to-equity ratio of 3.34. The firm has a market capitalization of $593.99 million, a P/E ratio of 12.85 and a beta of 0.79. The firm’s 50-day moving average is $32.01 and its two-hundred day moving average is $28.87.

Institutional Trading of Washington Trust Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. ProShare Advisors LLC lifted its stake in Washington Trust Bancorp by 10.6% in the 1st quarter. ProShare Advisors LLC now owns 291,461 shares of the financial services provider’s stock valued at $7,834,000 after buying an additional 27,979 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Washington Trust Bancorp in the second quarter worth $232,000. Inspire Advisors LLC purchased a new stake in shares of Washington Trust Bancorp in the second quarter valued at $1,529,000. Bank of New York Mellon Corp boosted its stake in shares of Washington Trust Bancorp by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 149,354 shares of the financial services provider’s stock valued at $4,094,000 after acquiring an additional 1,996 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Washington Trust Bancorp by 56.6% during the 2nd quarter. Renaissance Technologies LLC now owns 108,668 shares of the financial services provider’s stock worth $2,979,000 after purchasing an additional 39,268 shares in the last quarter. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were given a $0.56 dividend. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.24 annualized dividend and a dividend yield of 6.43%. Washington Trust Bancorp’s dividend payout ratio is presently 82.66%.

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.