PNC Financial Services Group Inc. Lowers Holdings in Washington Trust Bancorp, Inc. $WASH

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. reduced its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 67.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Washington Trust Bancorp by 3.4% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,643 shares of the financial services provider's stock worth $302,000 after acquiring an additional 319 shares during the last quarter. Linden Thomas Advisory Services LLC grew its holdings in shares of Washington Trust Bancorp by 1.1% during the first quarter. Linden Thomas Advisory Services LLC now owns 36,775 shares of the financial services provider's stock valued at $1,135,000 after purchasing an additional 401 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Washington Trust Bancorp by 4.2% during the fourth quarter. LPL Financial LLC now owns 18,293 shares of the financial services provider's stock valued at $573,000 after acquiring an additional 738 shares during the period. Shepherd Financial Partners LLC boosted its stake in Washington Trust Bancorp by 8.8% during the 1st quarter. Shepherd Financial Partners LLC now owns 10,167 shares of the financial services provider's stock valued at $314,000 after purchasing an additional 819 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Washington Trust Bancorp by 6.7% in the fourth quarter. Legal & General Group Plc now owns 17,864 shares of the financial services provider's stock valued at $560,000 after purchasing an additional 1,116 shares during the period. 65.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WASH. Keefe, Bruyette & Woods lowered their target price on Washington Trust Bancorp from $34.00 to $31.00 and set a "market perform" rating on the stock in a research report on Tuesday, April 22nd. Bank of America assumed coverage on shares of Washington Trust Bancorp in a research note on Wednesday, May 28th. They set a "neutral" rating and a $28.00 price objective on the stock. Finally, Piper Sandler cut Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price target on the stock. in a research report on Tuesday, July 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Washington Trust Bancorp currently has an average rating of "Hold" and an average price target of $29.00.

Washington Trust Bancorp Trading Up 1.1%

NASDAQ:WASH opened at $28.51 on Tuesday. Washington Trust Bancorp, Inc. has a 1-year low of $24.95 and a 1-year high of $40.59. The stock has a fifty day simple moving average of $28.14 and a 200 day simple moving average of $29.04. The firm has a market capitalization of $546.11 million, a price-to-earnings ratio of -18.88, a price-to-earnings-growth ratio of 0.80 and a beta of 0.91. The company has a quick ratio of 1.04, a current ratio of 1.05 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last announced its quarterly earnings data on Monday, July 21st. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.05. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%. The firm had revenue of $54.26 million during the quarter, compared to the consensus estimate of $54.07 million. During the same period in the prior year, the business earned $0.63 EPS. Sell-side analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 7.9%. The ex-dividend date was Tuesday, July 1st. Washington Trust Bancorp's dividend payout ratio (DPR) is -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.

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