Washington Trust Bancorp (WASH) Tops Q3 Earnings and Revenue Estimates

Core Viewpoint - Washington Trust Bancorp (WASH) reported quarterly earnings of $0.64 per share, exceeding the Zacks Consensus Estimate of $0.56 per share, but slightly down from $0.65 per share a year ago, indicating a 14.29% earnings surprise [1] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates in all four of the last quarters [1] - For the quarter ended September 2024, Washington Trust posted revenues of $48.53 million, which is 2.57% above the Zacks Consensus Estimate and down from $48.98 million year-over-year [1] - The company has exceeded consensus revenue estimates three times over the last four quarters [1] Group 2: Stock Performance and Outlook - Washington Trust shares have increased by approximately 2.2% since the beginning of the year, while the S&P 500 has gained 23% [2] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [4] - The current consensus EPS estimate for the upcoming quarter is $0.55 on revenues of $47.5 million, and for the current fiscal year, it is $2.38 on revenues of $190.41 million [4] Group 3: Industry Context - The Banks - Northeast industry, to which Washington Trust belongs, is currently ranked in the top 23% of over 250 Zacks industries, suggesting a favorable outlook [5] - First Internet Bancorp (INBK), another company in the same industry, is expected to report quarterly earnings of $0.81 per share, reflecting a year-over-year increase of 107.7% [5]