Seaport Res Ptn Has Positive Outlook of WASH FY2024 Earnings

Washington Trust Bancorp, Inc. (NASDAQ:WASH) – Equities research analysts at Seaport Res Ptn increased their FY2024 earnings per share (EPS) estimates for shares of Washington Trust Bancorp in a research report issued on Tuesday, October 22nd. Seaport Res Ptn analyst L. Hunsicker now forecasts that the financial services provider will post earnings of $2.45 per share for the year, up from their previous forecast 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 issued its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.08. The business had revenue of $103.86 million during the quarter, compared to analysts’ expectations of $47.32 million. Washington Trust Bancorp had a return on equity of 9.71% and a net margin of 11.24%. During the same quarter in the previous year, the firm posted $0.65 EPS.

Separately, Piper Sandler upgraded Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and upped their price target for the company from $30.00 to $34.00 in a research report on Tuesday.

Washington Trust Bancorp Stock Performance

NASDAQ WASH opened at $35.52 on Thursday. The stock has a 50-day moving average of $31.91 and a 200 day moving average of $28.83. Washington Trust Bancorp has a twelve month low of $21.69 and a twelve month high of $36.09. The stock has a market capitalization of $605.97 million, a price-to-earnings ratio of 13.30 and a beta of 0.79. The company has a current ratio of 1.15, a quick ratio of 1.14 and a debt-to-equity ratio of 3.34.

Washington Trust Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 6.31%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio is presently 83.90%.

Hedge Funds Weigh In On Washington Trust Bancorp

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

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.