Washington Trust Bancorp (NASDAQ:WASH) Plans Quarterly Dividend of $0.51

Washington Trust Bancorp (NASDAQ:WASH) declared a quarterly dividend on Friday, June 19th, Wall Street Journal reports. Stockholders of record on Wednesday, July 1st will be paid a dividend of 0.51 per share by the financial services provider on Friday, July 10th. This represents a $2.04 annualized dividend and a dividend yield of 6.46%. The ex-dividend date of this dividend is Tuesday, June 30th.

Washington Trust Bancorp has increased its dividend by an average of 354.6% per year over the last three years and has increased its dividend annually for the last 9 consecutive years. Washington Trust Bancorp has a dividend payout ratio of 75.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Washington Trust Bancorp to earn $2.77 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 73.6%.

WASH opened at $31.60 on Monday. Washington Trust Bancorp has a fifty-two week low of $25.86 and a fifty-two week high of $54.96. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.16 and a quick ratio of 1.14. The firm has a market capitalization of $545.35 million, a price-to-earnings ratio of 8.68 and a beta of 0.59. The company’s 50 day moving average price is $31.67 and its two-hundred day moving average price is $41.15.

Washington Trust Bancorp (NASDAQ:WASH) last released its earnings results on Monday, April 27th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.70 by ($0.02). Washington Trust Bancorp had a net margin of 23.81% and a return on equity of 12.72%. The company had revenue of $52.53 million for the quarter, compared to analyst estimates of $48.13 million. As a group, equities research analysts predict that Washington Trust Bancorp will post 3.08 EPS for the current year.

WASH has been the subject of a number of research reports. BidaskClub upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “sell” rating in a research report on Thursday, May 28th. ValuEngine downgraded shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, April 7th. Compass Point upgraded shares of Washington Trust Bancorp from a “neutral” rating to a “buy” rating and cut their target price for the stock from $44.00 to $40.00 in a report on Tuesday, April 28th. Finally, Zacks Investment Research upgraded shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. Washington Trust Bancorp has a consensus rating of “Hold” and an average target price of $47.00.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.

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Dividend History for Washington Trust Bancorp (NASDAQ:WASH)

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