Washington Trust Bancorp, Inc. Forecasted to Earn Q3 2023 Earnings of $0.52 Per Share (NASDAQ:WASH)

Washington Trust Bancorp, Inc. (NASDAQ:WASH) – Research analysts at Seaport Res Ptn issued their Q3 2023 earnings per share (EPS) estimates for shares of Washington Trust Bancorp in a research note issued on Tuesday, September 12th. Seaport Res Ptn analyst L. Hunsicker forecasts that the financial services provider will earn $0.52 per share for the quarter. Seaport Res Ptn currently has a “Buy” rating on the stock. The consensus estimate for Washington Trust Bancorp’s current full-year earnings is $2.56 per share. Seaport Res Ptn also issued estimates for Washington Trust Bancorp’s Q4 2023 earnings at $0.51 EPS, FY2023 earnings at $2.43 EPS, Q1 2024 earnings at $0.51 EPS, Q2 2024 earnings at $0.56 EPS, Q3 2024 earnings at $0.58 EPS, Q4 2024 earnings at $0.61 EPS, FY2024 earnings at $2.25 EPS, Q1 2025 earnings at $0.64 EPS, Q2 2025 earnings at $0.69 EPS and FY2025 earnings at $2.84 EPS.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.08. The business had revenue of $89.56 million for the quarter, compared to analyst estimates of $47.40 million. Washington Trust Bancorp had a return on equity of 13.08% and a net margin of 18.79%. During the same period in the prior year, the company earned $1.14 EPS.

Several other research firms have also recently weighed in on WASH. StockNews.com upgraded Washington Trust Bancorp to a “sell” rating in a report on Wednesday, August 16th. Piper Sandler cut Washington Trust Bancorp from a “neutral” rating to an “underweight” rating in a research note on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, Washington Trust Bancorp presently has a consensus rating of “Hold” and a consensus target price of $51.00.

Washington Trust Bancorp Price Performance

Shares of Washington Trust Bancorp stock opened at $28.87 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.31. The firm has a market capitalization of $491.34 million, a PE ratio of 8.42 and a beta of 0.75. The business’s 50-day moving average price is $29.03 and its 200-day moving average price is $30.01. Washington Trust Bancorp has a 12 month low of $22.26 and a 12 month high of $51.25.

Institutional Investors Weigh In On Washington Trust Bancorp

Hedge funds have recently made changes to their positions in the company. Allworth Financial LP grew its stake in shares of Washington Trust Bancorp by 65.8% during the second quarter. Allworth Financial LP now owns 947 shares of the financial services provider’s stock valued at $25,000 after buying an additional 376 shares during the last quarter. US Bancorp DE boosted its position in shares of Washington Trust Bancorp by 155.1% in the 1st quarter. US Bancorp DE now owns 755 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 459 shares in the last quarter. Captrust Financial Advisors boosted its position in shares of Washington Trust Bancorp by 16,450.0% in the 2nd quarter. Captrust Financial Advisors now owns 662 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 658 shares in the last quarter. CWM LLC raised its stake in Washington Trust Bancorp by 99.8% in the 1st quarter. CWM LLC now owns 1,039 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 519 shares during the last quarter. Finally, Lindbrook Capital LLC raised its stake in Washington Trust Bancorp by 285.9% in the 2nd quarter. Lindbrook Capital LLC now owns 1,343 shares of the financial services provider’s stock worth $36,000 after acquiring an additional 995 shares during the last quarter. 68.49% of the stock is currently owned by hedge funds and other institutional investors.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.