WESTERLY, R.I. - Washington Trust Bancorp, Inc. (NASDAQ: WASH) announced on Thursday that its Board of Directors has declared a quarterly dividend. The dividend, set at 56 cents per share, will be distributed on October 11, 2024, to shareholders who are on record as of October 1, 2024.
The company, recognized as the nation's oldest community bank with a history dating back to 1800, is the parent of The Washington Trust Company. With $7.2 billion in assets as of June 30, 2024, Washington Trust Bancorp operates as a significant financial services entity in the Northeast, offering a comprehensive suite of services. These include commercial banking, mortgage banking, personal banking, and wealth management, with a network of offices across Rhode Island, Connecticut, and Massachusetts, in addition to digital banking platforms.
As a member of the FDIC and an equal housing lender, Washington Trust emphasizes its commitment to community banking and financial improvement for individuals, businesses, and organizations in New England.
The declaration of the quarterly dividend follows the company's financial strategies and reflects its performance and commitment to delivering shareholder value. Dividend announcements are a key indicator of a company's financial health and stability, often reflecting confidence in ongoing business performance.
Investors and shareholders typically look to such announcements as signs of a company's profitability and management's outlook on future earnings. Dividends are also a critical component of the total return on investment for shareholders, particularly those seeking income from their investments.
This announcement is based on a press release statement from Washington Trust Bancorp, Inc., and no additional information beyond the press release has been used to report this news.
In other recent news, Washington Trust Bancorp has released its second quarter financial results for 2024. The company reported a net income of $10.8 million, or $0.63 per share, along with a net interest income of $31.6 million. However, a 3% decrease in non-interest income and a $56 million reduction in total loans were also noted.
Washington Trust Bancorp has introduced new deposit growth initiatives and is actively managing its loan-to-deposit ratio. The company has also provided insights into its real estate portfolio, highlighting plans to maintain stable revenue streams.
In addition, the firm has no current plans for selling additional facilities, and expenses for the third quarter are anticipated to be around $35 million. These recent developments reflect Washington Trust Bancorp's ongoing strategies to strengthen its financial position and commitment to shareholder value.
InvestingPro Insights
Washington Trust Bancorp, Inc. (NASDAQ: WASH), with its announcement of a quarterly dividend, showcases its commitment to shareholder returns, a practice it has upheld impressively over the years. Reflecting on this, an InvestingPro Tip reveals that Washington Trust has not only maintained dividend payments but has raised its dividend for an impressive 41 consecutive years. This consistency is a testament to the company's financial discipline and its prioritization of shareholder value.
Investors considering Washington Trust's stock will find the dividend yield particularly attractive. As of the last recorded date, the dividend yield stands at a substantial 6.82%, which is compelling for income-seeking investors. Additionally, the stock is trading near its 52-week high, at 97.66% of this peak value, suggesting a strong market confidence in the bank's performance.
In terms of financial metrics, Washington Trust's price-to-earnings (P/E) ratio as of the last twelve months is 12.53, which aligns closely with the adjusted P/E ratio for the same period. This indicates a consistency in earnings valuation over time. Another notable metric is the three-month price total return, which has seen a remarkable increase of 30.03%, indicating robust short-term growth for the company's stock.
For investors looking for more in-depth analysis, InvestingPro offers additional tips on Washington Trust Bancorp, Inc. These insights can provide a more comprehensive understanding of the company's financial health and potential investment value. Visit https://www.investing.com/pro/WASH to explore further.
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