BUZZ - Washington Trust Bank Group shares surge after third-quarter profit exceeds expectations

October 20 - ** Washington Trust Bancorp (WASH.O) shares rose 5.5% to $38.60

** The community lender reported quarterly profit (link) on Monday evening that exceeded Wall Street's expectations

** Piper Sandler stated that WASH delivered a strong performance this quarter, noting its continued net interest margin expansion, solid loan and deposit growth, and improved credit conditions as issues related to nonaccrual large office loans are being resolved

** “WASH delivered a solid earnings report, and we believe the market will react positively,” said KBW Securities

** All four brokerages covering the stock rate it as “Hold”; the median price target is $36, according to data compiled by LSEG

** WASH shares are up 30% year-to-date

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