Seaport Res Ptn Issues Optimistic Forecast for WASH Earnings

Washington Trust Bancorp, Inc. (NASDAQ:WASH) – Analysts at Seaport Res Ptn lifted their FY2024 earnings per share estimates for shares of Washington Trust Bancorp in a note issued to investors 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 estimate 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.

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

Washington Trust Bancorp Stock Down 1.9 %

WASH opened at $34.83 on Thursday. Washington Trust Bancorp has a 12 month low of $21.69 and a 12 month high of $36.09. The business has a 50-day moving average of $32.01 and a two-hundred day moving average of $28.87. The company has a debt-to-equity ratio of 3.34, a current ratio of 1.15 and a quick ratio of 1.14. The stock has a market capitalization of $593.99 million, a price-to-earnings ratio of 12.85 and a beta of 0.79.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, October 21st. The financial services provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.56 by $0.08. Washington Trust Bancorp had a return on equity of 9.71% and a net margin of 11.24%. The firm had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. During the same period in the prior year, the firm posted $0.65 earnings per share.

Institutional Investors Weigh In On Washington Trust Bancorp

A number of institutional investors have recently added to or reduced their stakes in WASH. EntryPoint Capital LLC lifted its stake in shares of Washington Trust Bancorp by 86.3% in the 1st quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 734 shares in the last quarter. CWM LLC lifted its position in Washington Trust Bancorp by 29.9% during the second quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock valued at $86,000 after buying an additional 725 shares in the last quarter. Barrett & Company Inc. grew its stake in Washington Trust Bancorp by 20.1% during the third quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after buying an additional 787 shares during the period. Sanders Morris Harris LLC acquired a new stake in shares of Washington Trust Bancorp in the third quarter worth $206,000. Finally, IFG Advisory LLC purchased a new position in shares of Washington Trust Bancorp in the 2nd quarter valued at $211,000. Hedge funds and other institutional investors own 65.81% of the company’s stock.

Washington Trust Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Tuesday, October 1st were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 6.43%. The ex-dividend date of this dividend was Tuesday, October 1st. Washington Trust Bancorp’s payout ratio is currently 82.66%.

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.