Analysts predict that Washington Trust Bancorp, Inc. (NASDAQ: WASH – Get a rating) will report $53.40 million in sales for the current quarter, Zacks reports. Two analysts provided earnings estimates for Washington Trust Bancorp. The highest sales estimate is $53.50 million and the lowest is $53.30 million. Washington Trust Bancorp posted sales of $58.85 million in the same quarter last year, which would indicate a negative growth rate of 9.3% year over year. The company is expected to release its next quarterly earnings report before market open on Monday, January 1.
According to Zacks, analysts expect Washington Trust Bancorp to report full-year sales of $220.80 million for the current fiscal year. For next year, analysts expect the company to post sales of $237.05 million, with estimates ranging from $233.40 million to $240.70 million. Zacks’ sell calculations are an average based on a survey of sell-side research analysts who provide coverage for Washington Trust Bancorp.
Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last reported results on Wednesday, January 26. The financial services provider reported earnings per share of $1.15 for the quarter, beating the Zacks consensus estimate of $1.01 by $0.14. Washington Trust Bancorp had a net margin of 31.26% and a return on equity of 13.94%. The company posted revenue of $58.05 million for the quarter, versus $55.65 million expected by analysts. In the same period a year earlier, the company had earned earnings per share of $1.07.
A number of research companies have recently published reports on WASH. StockNews.com supposed coverage of Washington Trust Bancorp shares in a Thursday, March 31 research report. They issued a “holding” rating for the company. Zacks Investment Research upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a Friday, Jan. 7, report. Finally, Piper Sandler downgraded shares of Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a price target of $56.00 for the stock. in a research note on Thursday, April 7.
Institutional investors have recently increased or reduced their stake in the stock. Norges Bank acquired a new stake in Washington Trust Bancorp in the fourth quarter worth approximately $8,131,000. VELA Investment Management LLC purchased a new stake in Washington Trust Bancorp in Q4, valued at approximately $1,819,000. BlackRock Inc. increased its stake in Washington Trust Bancorp by 2.0% in the fourth quarter. BlackRock Inc. now owns 1,540,201 shares of the financial services provider valued at $86,820,000 after acquiring an additional 29,642 shares last quarter. Raymond James & Associates increased its stake in Washington Trust Bancorp by 40.2% in the third quarter. Raymond James & Associates now owns 97,636 shares of the financial services provider valued at $5,173,000 after acquiring an additional 28,015 shares last quarter. Finally, Victory Capital Management Inc. increased its stake in Washington Trust Bancorp by 15.7% in the third quarter. Victory Capital Management Inc. now owns 150,493 shares of the financial services provider valued at $7,973,000 after acquiring an additional 20,385 shares last quarter. 76.86% of the shares are held by institutional investors and hedge funds.
NASDAQ: WASH opened at $49.69 on Friday. Washington Trust Bancorp has a 12-month low of $46.35 and a 12-month high of $60.96. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt ratio of 0.30. The company has a 50-day moving average of $52.72 and a 200-day moving average of $55.17. The company has a market capitalization of $861.18 million, a price-earnings ratio of 11.32 and a beta of 0.74.
The company also recently declared a quarterly dividend, which was paid on Friday, April 8. Investors of record on Friday, April 1 received a dividend of $0.54. The ex-dividend date was Thursday, March 31. This represents a dividend of $2.16 on an annualized basis and a dividend yield of 4.35%. Washington Trust Bancorp’s dividend payout ratio is 49.20%.
Washington Trust Bancorp Company Profile (Get a rating)
Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers 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 which consist of homeowner mortgages and construction loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.
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