Washington Trust Bancorp, Inc. $WASH Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its stake in Washington Trust Bancorp by 67.5%, holding 4,795 shares after selling 9,950 shares in the first quarter.
• Several institutional investors, including MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. and LPL Financial LLC, have recently increased their holdings in Washington Trust Bancorp, reflecting growing interest from hedge funds.
• Wall Street analysts have lowered their target prices for Washington Trust Bancorp, with an average price target of $29.00 and a consensus rating of "Hold."

PNC Financial Services Group Inc. lowered its position in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 67.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,795 shares of the financial services provider's stock after selling 9,950 shares during the period. PNC Financial Services Group Inc.'s holdings in Washington Trust Bancorp were worth $148,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Federated Hermes Inc. purchased a new position in shares of Washington Trust Bancorp in the first quarter worth about $53,000. State of Tennessee Department of Treasury acquired a new stake in Washington Trust Bancorp in the 4th quarter valued at about $131,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Washington Trust Bancorp by 38.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,364 shares of the financial services provider's stock worth $196,000 after purchasing an additional 1,757 shares in the last quarter. Sanders Morris Harris LLC acquired a new position in shares of Washington Trust Bancorp during the 1st quarter worth approximately $216,000. Finally, Aquatic Capital Management LLC acquired a new position in shares of Washington Trust Bancorp during the 4th quarter worth approximately $229,000. Hedge funds and other institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Trading Up 5.8%

WASH traded up $1.64 on Friday, hitting $29.71. The company had a trading volume of 197,868 shares, compared to its average volume of 141,257. The company's fifty day moving average price is $28.20 and its 200 day moving average price is $28.95. Washington Trust Bancorp, Inc. has a 1 year low of $24.95 and a 1 year high of $40.59. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94. The firm has a market cap of $569.24 million, a P/E ratio of -19.68, a PEG ratio of 0.85 and a beta of 0.91.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. The company had revenue of $54.26 million during the quarter, compared to analyst estimates 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 quarter last year, the firm posted $0.63 earnings per share. As a group, 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 announced a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 7.5%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is -148.34%.

Analysts Set New Price Targets

WASH has been the subject of several recent research reports. Bank of America began coverage on Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price target for the company. Piper Sandler downgraded Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 target price for the company. in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $29.00.

Washington Trust Bancorp 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.