Washington Trust (WASH, Financial) has reported a notable improvement in its net interest margin for the first quarter, rising to 2.29%. This marks an increase of 34 basis points from the previous quarter's figure of 1.95%. The company attributes this growth to successful balance sheet repositioning strategies.
According to company leadership, the results highlight Washington Trust's focused efforts on enhancing financial performance, leading to both an expanded net interest margin and growth in local deposits. As the institution celebrates its 225th anniversary, it continues to prioritize its commitment to customers and the communities it serves. The increased net interest margin is seen as a positive indicator of the company's strategic initiatives.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 3 analysts, the average target price for Washington Trust Bancorp Inc (WASH, Financial) is $34.67 with a high estimate of $36.00 and a low estimate of $34.00. The average target implies an upside of 27.40% from the current price of $27.21. More detailed estimate data can be found on the Washington Trust Bancorp Inc (WASH) Forecast page.
Based on the consensus recommendation from 3 brokerage firms, Washington Trust Bancorp Inc's (WASH, Financial) average brokerage recommendation is currently 2.7, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Washington Trust Bancorp Inc (WASH, Financial) in one year is $26.06, suggesting a downside of 4.23% from the current price of $27.21. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Washington Trust Bancorp Inc (WASH) Summary page.
