Washington Trust Bancorp (NASDAQ:WASH) announced a quarterly dividend on Friday, June 19th, Wall Street Journal reports. Shareholders 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 dividend on an annualized basis 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 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 fall. 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%.
Washington Trust Bancorp stock opened at $31.60 on Friday. The business has a 50-day simple moving average of $31.67 and a two-hundred day simple moving average of $41.15. The company has a market cap of $545.35 million, a P/E ratio of 8.68 and a beta of 0.59. Washington Trust Bancorp has a 52-week low of $25.86 and a 52-week high of $54.96. The company has a quick ratio of 1.14, a current ratio of 1.16 and a debt-to-equity ratio of 2.46.
Several research analysts have weighed in on WASH shares. BidaskClub upgraded Washington Trust Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, May 28th. ValuEngine downgraded Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, April 7th. Compass Point upgraded Washington Trust Bancorp from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $44.00 to $40.00 in a research note on Tuesday, April 28th. Finally, Zacks Investment Research upgraded Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average 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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