Washington Trust Bancorp (NASDAQ:WASH) Trading 8% Higher on Better-Than-Expected Earnings

Washington Trust Bancorp, Inc. (NASDAQ:WASH) shares were up 8% during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $33.47 and last traded at $32.62. Approximately 93,284 shares were traded during trading, a decline of 6% from the average daily volume of 99,525 shares. The stock had previously closed at $30.19.

The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.08. Washington Trust Bancorp had a positive return on equity of 8.90% and a negative net margin of 6.22%.The business had revenue of $59.25 million during the quarter, compared to analysts’ expectations of $56.38 million.

Washington Trust Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 14th. Shareholders of record on Friday, January 2nd were paid a $0.56 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $2.24 dividend on an annualized basis and a yield of 7.0%. Washington Trust Bancorp’s payout ratio is currently -140.88%.

Analyst Upgrades and Downgrades

WASH has been the topic of several research reports. Piper Sandler reduced their price target on shares of Washington Trust Bancorp from $28.00 to $27.00 and set an “underweight” rating on the stock in a research report on Thursday, October 9th. Keefe, Bruyette & Woods increased their price target on shares of Washington Trust Bancorp from $29.00 to $30.00 and gave the company a “market perform” rating in a research note on Wednesday, October 22nd. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Washington Trust Bancorp in a research report on Wednesday, January 21st. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Washington Trust Bancorp has a consensus rating of “Reduce” and an average target price of $28.33.

Hedge Funds Weigh In On Washington Trust Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its holdings in Washington Trust Bancorp by 91.5% in the second quarter. Franklin Resources Inc. now owns 436,454 shares of the financial services provider’s stock worth $12,343,000 after purchasing an additional 208,586 shares during the period. SG Americas Securities LLC increased its holdings in shares of Washington Trust Bancorp by 1,417.2% in the fourth quarter. SG Americas Securities LLC now owns 98,423 shares of the financial services provider’s stock worth $2,908,000 after acquiring an additional 91,936 shares in the last quarter. Qube Research & Technologies Ltd raised its position in shares of Washington Trust Bancorp by 173.8% during the third quarter. Qube Research & Technologies Ltd now owns 88,373 shares of the financial services provider’s stock worth $2,554,000 after purchasing an additional 56,102 shares during the period. Teton Advisors LLC bought a new stake in Washington Trust Bancorp during the 3rd quarter worth approximately $962,000. Finally, Jane Street Group LLC acquired a new position in shares of Washington Trust Bancorp in the second quarter valued at approximately $857,000. Institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Stock Performance

The stock has a market capitalization of $608.48 million, a price-to-earnings ratio of -20.11, a price-to-earnings-growth ratio of 0.67 and a beta of 0.86. The stock’s 50 day moving average is $29.80 and its two-hundred day moving average is $28.86. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 1.53.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company’s core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.