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

Washington Trust Bancorp (NASDAQ:WASH) announced a quarterly dividend on Friday, June 19th, Wall Street Journal reports. Stockholders of record on Wednesday, July 1st will be given 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 raised its dividend by an average of 354.6% annually over the last three years and has increased its dividend every year for the last 9 years. Washington Trust Bancorp has a dividend payout ratio of 75.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. 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 one year low of $25.86 and a one year 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 company’s 50 day simple moving average is $31.67 and its 200-day simple moving average is $41.15. The stock has a market capitalization of $545.35 million, a P/E ratio of 8.68 and a beta of 0.59.

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

WASH has been the topic of several recent research reports. BidaskClub upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, May 28th. Compass Point raised shares of Washington Trust Bancorp from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $44.00 to $40.00 in a report on Tuesday, April 28th. ValuEngine downgraded shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, April 7th. Finally, Zacks Investment Research raised 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 assigned a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $47.00.

Washington Trust Bancorp Company Profile

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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