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Washington Trust Bancorp, Inc. (NASDAQ:WASH), a state commercial bank headquartered in Rhode Island with a market capitalization of $565 million, has launched a new stock repurchase initiative. The Board of Directors authorized the repurchase of up to 850,000 shares of its common stock, which represents approximately 4.4% of the company’s current outstanding shares. This decision was disclosed in a recent 8-K filing with the Securities and Exchange Commission. According to InvestingPro data, the company maintains a notable 7.6% dividend yield and has maintained dividend payments for 42 consecutive years.
The repurchase program is set to begin on May 15, 2025, and will remain in effect until May 15, 2026. The program allows the company to repurchase shares from time to time, depending on market conditions, regulatory requirements, and other corporate considerations. The exact timing and number of shares to be repurchased will be subject to a variety of factors, including the stock’s market price and corporate liquidity needs. Currently trading at $29.28, the stock has shown resilience with a 14.25% return over the past year, though InvestingPro analysis suggests the stock is fairly valued at current levels.
As of April 30, 2025, Washington Trust Bancorp, Inc. had approximately 19.3 million shares of common stock outstanding. The newly announced repurchase program is a part of the company’s capital management strategy and reflects its commitment to enhancing shareholder value. While the company faced challenges with profitability in recent quarters, InvestingPro analysts project a return to profitability this year, with an expected earnings per share of $2.73 for fiscal year 2025.
The company’s common stock is listed on The NASDAQ Stock Market LLC under the trading symbol "WASH". The repurchase program will be executed in accordance with applicable securities laws and may be suspended or discontinued at the company’s discretion. For deeper insights into Washington Trust Bancorp’s financial health, comprehensive analysis, and additional ProTips, investors can access the detailed Pro Research Report available on InvestingPro.
This announcement is based on the information contained in the 8-K filing by Washington Trust Bancorp, Inc. with the SEC and does not include any marketing content or promotional language. The details provided are intended to inform investors and the public about the company’s stock repurchase program without offering opinions or recommendations on the reported facts.
In other recent news, Washington Trust Bancorp Inc. reported its financial results for the first quarter of 2025. The company posted earnings per share (EPS) of $0.61, which fell short of the anticipated $0.64. However, revenue exceeded expectations, reaching $59.07 million against a forecast of $50.2 million. This discrepancy highlights Washington Trust’s ability to generate higher-than-expected revenue despite challenges in meeting EPS projections. Additionally, the company experienced an 11% increase in net interest income compared to the previous quarter. In other developments, Washington Trust Bancorp disclosed the election of three directors and the ratification of an independent auditor during its annual meeting. Joseph P. Gencarella, Edward O. Handy III, and John T. Ruggieri were elected to three-year terms, and Crowe LLP was approved as the independent auditor for the fiscal year ending December 31, 2025. These updates provide a comprehensive overview of Washington Trust Bancorp’s recent activities.
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