WESTERLY, R.I. - Washington Trust Bancorp, Inc. (NASDAQ: WASH), the parent company of the oldest community bank in the nation, announced a quarterly dividend of 56 cents per share. The dividend is applicable for the quarter ending June 30, 2024, and will be distributed on July 12, 2024, to shareholders who are on record as of July 1, 2024.
The corporation, with $7.2 billion in assets as of March 31, 2024, has a history dating back to 1800. Washington Trust Bancorp, Inc. operates as a significant financial services entity in the Northeast, offering a broad spectrum of services including commercial banking, mortgage banking, personal banking, and wealth management. With its headquarters in Rhode Island, the company also extends its services through offices in Connecticut and Massachusetts, complemented by digital banking platforms.
The announcement of the dividend follows Washington Trust's tradition of providing returns to its shareholders. The bank prides itself on its community banking roots and its commitment to supporting the financial wellbeing of individuals, businesses, and organizations throughout New England.
As a member of the FDIC and an equal housing lender, Washington Trust continues to emphasize its role as a community-focused institution while maintaining a comprehensive suite of financial offerings.
This dividend declaration is based on a press release statement from Washington Trust Bancorp, Inc. The company's continued practice of sharing profits with its shareholders reflects its stable financial position and dedication to delivering shareholder value.
In other recent news, Washington Trust Bancorp reported its first-quarter financial results for 2024, revealing a net income of $10.9 million and a net interest income of $31.7 million. The company also noted a significant 29% increase in non-interest income from the previous quarter.
Despite a stable in-market deposit level and only a 1% increase in total loans since December, the company is investing in technology to foster deposit growth, targeting a 1-2% increase for the year. The company plans to maintain its dividend payouts, even amidst lower capital ratios, and is striving to improve asset quality, as indicated by the reduction in non-accruing and past due loans.
These are recent developments that reflect the company's focus on reinforcing its balance sheet and returning to historical profit levels. The company also disclosed the potential reduction of a significant non-accrual loan by half. Finally, Washington Trust Bancorp is planning the rollout of a deposit strategy in the upcoming quarters, as well as updates on non-performing assets.
InvestingPro Insights
Washington Trust Bancorp, Inc. (NASDAQ: WASH) remains a stalwart in the financial community, consistently rewarding its shareholders. With a significant dividend yield of 8.69% as of the last twelve months leading up to Q1 2024, the company stands out for its commitment to returning value to its investors. This aligns with the company's recent announcement of a quarterly dividend of 56 cents per share, highlighting its robust policy of sharing profits.
InvestingPro Tips reveal that Washington Trust has not only maintained dividend payments for an impressive 41 consecutive years but also has raised its dividend for 13 consecutive years, demonstrating a reliable and growing income stream for shareholders. Moreover, analysts have shown confidence in the company's prospects by revising their earnings upwards for the upcoming period, which may indicate a positive outlook for the bank's financial performance.
On the data front, Washington Trust's market capitalization stands at a solid $436.42 million USD, with a Price/Earnings (P/E) ratio of 9.45, reflecting a potentially undervalued stock when compared to the broader market. The Price to Book ratio of 0.93 as of the last twelve months leading up to Q1 2024 suggests that the company's shares are trading at a discount to their intrinsic value, potentially providing an attractive entry point for value investors.
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