Washington Trust Bancorp said on September 21, 2023 that its board of directors declared a regular quarterly dividend of $0.56 per share ($2.24 annualized). Previously, the company paid $0.56 per share.
Shareholders of record as of October 2, 2023 will receive the payment on October 12, 2023.
At the current share price of $27.29 / share, the stock's dividend yield is 8.21%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.78%, the lowest has been 3.02%, and the highest has been 9.70%. The standard deviation of yields is 1.37 (n=235).
The current dividend yield is 2.51 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.64. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
- Read the Ultimate Guide to Dividend Harvesting.
The company's 3-Year dividend growth rate is 0.10%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 308 funds or institutions reporting positions in Washington Trust Bancorp. This is a decrease of 36 owner(s) or 10.47% in the last quarter. Average portfolio weight of all funds dedicated to WASH is 0.06%, a decrease of 39.57%. Total shares owned by institutions decreased in the last three months by 12.47% to 13,100K shares. 
The put/call ratio of WASH is 1.24, indicating a bearish outlook.
Analyst Price Forecast Suggests 4.65% Upside
As of August 31, 2023, the average one-year price target for Washington Trust Bancorp is 28.56. The forecasts range from a low of 26.26 to a high of $31.50. The average price target represents an increase of 4.65% from its latest reported closing price of 27.29.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Washington Trust Bancorp is 187MM, a decrease of 9.98%. The projected annual non-GAAP EPS is 4.50.
What are Other Shareholders Doing?
WASHINGTON TRUST holds 692K shares representing 4.07% ownership of the company. In it's prior filing, the firm reported owning 689K shares, representing an increase of 0.43%. The firm decreased its portfolio allocation in WASH by 27.01% over the last quarter.
FLPSX - Fidelity Low-Priced Stock Fund holds 665K shares representing 3.91% ownership of the company. In it's prior filing, the firm reported owning 666K shares, representing a decrease of 0.16%. The firm increased its portfolio allocation in WASH by 12.16% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 553K shares representing 3.25% ownership of the company. No change in the last quarter.
IWM - iShares Russell 2000 ETF holds 459K shares representing 2.70% ownership of the company. In it's prior filing, the firm reported owning 393K shares, representing an increase of 14.38%. The firm decreased its portfolio allocation in WASH by 16.71% over the last quarter.
Geode Capital Management holds 345K shares representing 2.03% ownership of the company. In it's prior filing, the firm reported owning 336K shares, representing an increase of 2.77%. The firm decreased its portfolio allocation in WASH by 28.01% over the last quarter.
Washington Trust Bancorp Background Information
(This description is provided by the company.)
Washington Trust Bancorp, Inc., the parent of The Washington Trust Company, had $5.7 billion in assets as of December 31, 2020. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts.
Additional reading:
- The Washington Trust Company Announces Settlement with Department of Justice
- WASHINGTON TRUST BANCORP, INC., Dated as of [●], 202[●] Senior Debt Securities TABLE OF CONTENTS1
- WASHINGTON TRUST BANCORP, INC., Dated as of [●], 202[●] Subordinated Debt Securities TABLE OF CONTENTS1
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