Washington Trust Bancorp: Q4 Earnings Insights
Portfolio Pulse from Benzinga Insights
Washington Trust Bancorp (NASDAQ:WASH) reported Q4 earnings with an EPS of $0.76, surpassing the estimate of $0.57 by 33.33%. However, revenue declined by $8.69 million compared to the same period last year. Despite beating EPS estimates last quarter, the share price fell by 9.58% the following day. The company's past earnings performance shows a pattern of surpassing EPS estimates but with fluctuating revenues.
January 24, 2024 | 9:15 pm
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NEUTRAL IMPACT
Washington Trust Bancorp reported higher-than-expected Q4 earnings but saw a decrease in revenue compared to last year. Historical data shows that beating EPS estimates has not prevented share price declines the following day.
While the company beat earnings estimates, which could be seen as a positive signal, the decline in revenue and historical share price drop following an earnings beat suggest a mixed reaction in the short term. Investors may be cautious due to the revenue decline and past market behavior, leading to a neutral score.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100