Washington Trust Bancorp (WASH) Q1 Earnings: What To Expect
Regional bank Washington Trust Bancorp (NASDAQ:WASH) will be reporting results this Monday after market close. Here’s what you need to know.
Washington Trust Bancorp beat analysts’ revenue expectations last quarter, reporting revenues of $59.47 million, up 20.8% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ revenue and net interest income estimates.
Is Washington Trust Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Washington Trust Bancorp’s revenue to grow 12.5% year on year, improving from the 11.3% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Washington Trust Bancorp rarely misses Wall Street’s revenue estimates.
Looking at Washington Trust Bancorp’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. BancFirst delivered year-on-year revenue growth of 7.8%, beating analysts’ expectations by 1%, and KeyCorp reported revenues up 10.2%, topping estimates by 0.7%. BancFirst traded up 3.6% following the results while KeyCorp was also up 1.1%.
Read our full analysis of BancFirst’s results here and KeyCorp’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 12% on average over the last month. Washington Trust Bancorp is up 9.5% during the same time and is heading into earnings with an average analyst price target of $35 (compared to the current share price of $35.18).
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