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Washington Trust Bancorp Inc. (NASDAQ:WASH), a regional bank with a market capitalization of $534 million and an impressive 7.99% dividend yield, disclosed in a recent SEC filing that its shareholders have elected three directors and ratified the appointment of an independent auditor at the company’s annual meeting held on April 22, 2025. According to InvestingPro, the company has maintained dividend payments for 42 consecutive years, with analysts expecting net income growth this year. Subscribers can access 5 additional exclusive ProTips for WASH on InvestingPro.
At the 2025 Annual Meeting, which was conducted remotely, a significant 82.2% of the eligible shares were represented. Shareholders voted on several key proposals, including the election of board members and the ratification of the company’s independent auditor for the upcoming fiscal year. The meeting comes as the company’s stock trades near its Fair Value according to InvestingPro analysis, with analyst price targets ranging from $29 to $36 per share.
The election results for the board of directors are as follows: Joseph P. Gencarella, Edward O. Handy III, and John T. Ruggieri were elected to three-year terms, with votes for each candidate exceeding 11.7 million. The number of votes withheld ranged from approximately 179,000 to 651,000, and there were 3,390,689 broker non-votes for each candidate.
Additionally, the shareholders approved the selection of Crowe LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. The proposal received overwhelming support with over 15.7 million votes in favor, 73,291 votes against, and 21,924 abstentions.
Moreover, the non-binding advisory vote on the compensation of the company’s named executive officers also passed, with 11,636,696 votes in favor, 723,712 votes against, and 85,576 abstentions, alongside 3,390,689 broker non-votes.
This filing, as per the SEC Act of 1934, was signed by Ronald S. Ohsberg, Senior Executive Vice President, Chief Financial Officer, and Treasurer of Washington Trust Bancorp, Inc., and was submitted on April 25, 2025. The company, headquartered in Westerly, Rhode Island, is classified under state commercial banks and operates under the financial sector. For comprehensive analysis and detailed insights, investors can access the full Pro Research Report for WASH, along with reports for 1,400+ other US stocks, exclusively on InvestingPro. The information in this article is based on the statements made in the SEC filing.
In other recent news, Washington Trust Bancorp Inc. reported its financial results for the first quarter of 2025, revealing a mixed performance. The company posted earnings per share (EPS) of $0.61, which fell short of the anticipated $0.64. Despite the EPS miss, Washington Trust achieved significant revenue growth, with revenue totaling $59.07 million, surpassing the forecast of $50.2 million. This performance was supported by an 11% increase in net interest income compared to the previous quarter. Analysts from Piper Sandler and KBW discussed the company’s interest rate sensitivity and credit quality during the earnings call, highlighting Washington Trust’s strategic shift towards interest rate neutrality. The company projects low single-digit loan growth and expects a net interest margin of $2.35 for the second quarter. Washington Trust also aims to reduce its dividend payout ratio to the mid-to-low 80s by year-end. Despite the earnings miss, the company maintains strong deposit growth and low credit risk, positioning itself competitively in the market.
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