Seaport Res Ptn Issues Optimistic Estimate for WASH Earnings

Washington Trust Bancorp, Inc. (NASDAQ:WASH) – Investment analysts at Seaport Res Ptn upped their FY2024 EPS estimates for 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 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 announced its quarterly earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $103.86 million for the quarter, compared to analysts’ expectations of $47.32 million. During the same quarter in the previous year, the company posted $0.65 EPS.

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

Washington Trust Bancorp Stock Performance

Shares of Washington Trust Bancorp stock opened at $34.22 on Thursday. The firm has a market cap of $583.59 million, a PE ratio of 12.63 and a beta of 0.79. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 3.34. Washington Trust Bancorp has a 52 week low of $21.69 and a 52 week high of $36.09. The business’s fifty day simple moving average is $32.09 and its 200-day simple moving average is $28.93.

Washington Trust Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 6.55%. The ex-dividend date was Tuesday, October 1st. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.66%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Washington Trust Bancorp by 4.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 15,672 shares of the financial services provider’s stock valued at $422,000 after buying an additional 615 shares in the last quarter. Linden Thomas Advisory Services LLC raised its position in Washington Trust Bancorp by 1.7% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 37,091 shares of the financial services provider’s stock valued at $1,017,000 after purchasing an additional 615 shares during the last quarter. Rhumbline Advisers raised its position in Washington Trust Bancorp by 2.2% in the 2nd quarter. Rhumbline Advisers now owns 28,205 shares of the financial services provider’s stock valued at $773,000 after purchasing an additional 618 shares during the last quarter. CWM LLC raised its position in Washington Trust Bancorp by 29.9% in the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after purchasing an additional 725 shares during the last quarter. Finally, Inspire Advisors LLC raised its position in Washington Trust Bancorp by 1.3% in the 3rd quarter. Inspire Advisors LLC now owns 56,499 shares of the financial services provider’s stock valued at $1,820,000 after purchasing an additional 733 shares during the last quarter. Institutional investors and hedge funds own 65.81% of the company’s stock.

Washington Trust Bancorp Company Profile

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.