Washington Trust Bancorp, Inc. $WASH Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Washington Trust Bancorp, Inc. by 24.1%, selling 42,903 shares to own approximately 0.70% of the company, valued at $4,165,000.
• Other hedge funds have also adjusted their positions, with Millennium Management LLC increasing its holdings by 3,240% and now owning 226,355 shares worth about $7,096,000.
• Washington Trust Bancorp recently reported an EPS of $0.68 for the last quarter, exceeding analysts' estimates, and has a current consensus price target of $29.00.

Goldman Sachs Group Inc. trimmed its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 24.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,954 shares of the financial services provider's stock after selling 42,903 shares during the quarter. Goldman Sachs Group Inc. owned about 0.70% of Washington Trust Bancorp worth $4,165,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Washington Trust Bancorp by 8.3% during the first quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider's stock worth $34,545,000 after purchasing an additional 86,062 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in Washington Trust Bancorp by 27.4% during the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 386,110 shares of the financial services provider's stock worth $11,915,000 after purchasing an additional 82,960 shares during the last quarter. Invesco Ltd. lifted its position in Washington Trust Bancorp by 39.3% during the first quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider's stock worth $9,118,000 after buying an additional 83,311 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Washington Trust Bancorp by 3,240.0% in the fourth quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock valued at $7,096,000 after purchasing an additional 219,578 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of Washington Trust Bancorp by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 190,729 shares of the financial services provider's stock worth $5,886,000 after buying an additional 9,032 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors.

Washington Trust Bancorp Stock Performance

Shares of WASH stock traded up $1.09 during midday trading on Thursday, hitting $30.39. The company had a trading volume of 118,563 shares, compared to its average volume of 108,438. Washington Trust Bancorp, Inc. has a 52-week low of $24.95 and a 52-week high of $40.59. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.05 and a quick ratio of 1.04. The company's 50 day simple moving average is $28.82 and its 200 day simple moving average is $28.65. The stock has a market cap of $582.27 million, a price-to-earnings ratio of -20.13, a PEG ratio of 0.83 and a beta of 0.94.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last issued its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.05. Washington Trust Bancorp had a negative net margin of 6.10% and a positive return on equity of 9.05%. The business had revenue of $54.26 million for the quarter, compared to analyst estimates of $54.07 million. During the same period in the previous year, the business posted $0.63 earnings per share. Research analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler cut Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective for the company. in a research note on Tuesday, July 22nd. Bank of America initiated coverage on Washington Trust Bancorp in a research report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Washington Trust Bancorp currently has a consensus rating of "Hold" and an average price target of $29.00.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.