Goldman Sachs Group Inc. Sells 42,903 Shares of Washington Trust Bancorp, Inc. $WASH

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. cut its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 24.1% in the 1st quarter, according to its most recent 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 0.70% of Washington Trust Bancorp worth $4,165,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in WASH. Millennium Management LLC increased its position in Washington Trust Bancorp by 3,240.0% during the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock worth $7,096,000 after purchasing an additional 219,578 shares in the last quarter. Wellington Management Group LLP acquired a new position in Washington Trust Bancorp during the 4th quarter worth approximately $4,853,000. Nuveen LLC acquired a new position in Washington Trust Bancorp during the 1st quarter worth approximately $2,944,000. Vanguard Group Inc. grew its holdings in Washington Trust Bancorp by 8.3% during the 1st quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider's stock worth $34,545,000 after acquiring an additional 86,062 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Washington Trust Bancorp by 39.3% during the 1st quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider's stock worth $9,118,000 after acquiring an additional 83,311 shares during the last quarter. 65.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on WASH shares. Bank of America started coverage on shares of Washington Trust Bancorp in a report on Wednesday, May 28th. They set a "neutral" rating and a $28.00 target price on the stock. Piper Sandler lowered shares of Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 target price on the stock. in a report on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $29.00.

Washington Trust Bancorp Stock Down 1.7%

NASDAQ:WASH traded down $0.52 during trading hours on Friday, reaching $29.87. The company had a trading volume of 395,185 shares, compared to its average volume of 118,864. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94. The firm has a market cap of $572.31 million, a price-to-earnings ratio of -19.78, a P/E/G ratio of 0.85 and a beta of 0.94. The business's 50-day simple moving average is $28.83 and its two-hundred day simple moving average is $28.62. Washington Trust Bancorp, Inc. has a twelve month low of $24.95 and a twelve month high of $40.59.

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

Washington Trust Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Wednesday, October 1st will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 7.5%. The ex-dividend date is Wednesday, October 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is presently -148.34%.

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.