Washington Trust Bancorp plunges after earnings

Washington Trust Bancorp

21/04/2026 16:18

** Washington Trust Bancorp Inc WASH.O shares tumble 15.2% to $30.61; on track for biggest daily pct decline since Dec 2008

** Co late Mon reported Q1 net income rose slightly yr/yr to 66 cents per share, below 76 cents per share estimate, per LSEG data, and fell from the prior qtr amid a sharp rise in credit loss provisions

** The yr/yr net income gain was driven by an 11% rise in net interest income, but this was overshadowed by a jump in provision for credit losses to $4 mln and a qtr/qtr fall in noninterest income

** Despite Tuesday's plummet, WASH shares still up ~4% YTD

** Analysts' median price target is $34.00, implying ~11% upside from current levels

** Of the 4 analysts that cover WASH, the breakdown of recommendations is 1 "buy" and 3 "hold" ratings

** WASH stock recently at 10 times expected earnings, vs its 5-yr avg forward PE of 12

(Reporting by Chuck Mikolajczak)

((charles.mikolajczak@tr.com; @chuckmik.bsky.social))