Washington Trust Bancorp, Inc. Stock (NASDAQ: WASHEDget rating) traded 3.5% higher during midday Tuesday after a better-than-expected earnings announcement. The stock traded as high as $52.06 and last time traded at $51.99. 2,587 shares were traded during trading, a 95% decrease from the average session volume of 48,603 shares. The stock had previously closed at $50.24.

The financial services provider reported $1.14 EPS for the quarter, beating analyst consensus estimates of $0.91 by $0.23. Washington Trust Bancorp had a return on equity of 13.35% and a net margin of 30.69%. During the same quarter of the previous year, the company recorded an earnings per share of $1.00.

Washington Trust Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 8. Shareholders of record on Friday, July 1 were paid a dividend of $0.54 per share. This represents an annualized dividend of $2.16 and a dividend yield of 4.12%. The ex-dividend date of this dividend was Thursday, June 30. Washington Trust Bancorp’s payout ratio is 51.92%.

Analysts set new price targets

Several stock research analysts have issued reports on the stock. Piper Sandler cut shares of Washington Trust Bancorp from an “overweight” rating to a “neutral” rating and set a $56.00 price target on the stock. in a research note on Thursday, April 7. StockNews.com raised Washington Trust Bancorp’s rating from a “sell” rating to a “hold” rating in a research report on Monday, July 18.

Hedge funds weigh on Washington Trust Bancorp

Large investors have recently made changes to their positions on the stock market. Victory Capital Management Inc. increased its position in Washington Trust Bancorp by 49.9% in the first quarter. Victory Capital Management Inc. now owns 253,124 shares of the financial services provider valued at $12,033,000 after purchasing an additional 84,225 shares during the period. State Street Corp increased its holdings in Washington Trust Bancorp by 15.0% during the first quarter. State Street Corp now owns 515,243 shares of the financial services provider valued at $27,326,000 after acquiring an additional 67,339 shares during the period. Vanguard Group Inc. increased its position in Washington Trust Bancorp by 4.0% in the first quarter. Vanguard Group Inc. now owns 958,238 shares of the financial services provider valued at $50,306,000 after acquiring an additional 37,258 shares last quarter. VELA Investment Management LLC purchased a new interest in Washington Trust Bancorp during the fourth quarter for approximately $1,819,000. Finally, Stratos Wealth Advisors LLC purchased a new position in shares of Washington Trust Bancorp in the first quarter valued at approximately $1,201,000. Currently, 77.37% of the shares are owned by institutional investors and hedge funds.

Washington Trust Bancorp Stock Performance

The stock has a market capitalization of $910.56 million, a PE ratio of 12.61, and a beta of 0.74. The company’s 50 day moving average is $48.97 and its two hundred day moving average is $51.75. The firm has a debt-to-equity ratio of 0.15, a quick ratio of 0.87, and a current ratio of 0.88.

Washington Trust Bancorp Company Profile

(get rating)

Washington Trust Bancorp, Inc operates as the banking holding company for The Washington Trust Company, of Westerly, which provides a variety of 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 various commercial and retail loan products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans consisting of mortgages and home construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and personal loans secured by general aviation aircraft.

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