Trexquant Investment LP Reduces Position in Washington Trust Bancorp, Inc. $WASH

Key Points

• Trexquant Investment LP has cut its stock holdings in Washington Trust Bancorp, Inc. by 45.3%, reducing its ownership to 0.24% of the company.
• Despite Trexquant's reduction, other institutional investors, including Vanguard Group Inc. and Invesco Ltd., have increased their stakes in Washington Trust Bancorp during the same period.
• Analysts have set a consensus target price of $29.00 for the stock, with recent ratings reflecting a range from "Strong Buy" to "Sell".

Trexquant Investment LP cut its holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 45.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,335 shares of the financial services provider's stock after selling 37,516 shares during the quarter. Trexquant Investment LP owned 0.24% of Washington Trust Bancorp worth $1,399,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Federated Hermes Inc. purchased a new stake in shares of Washington Trust Bancorp during the first quarter worth approximately $53,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Washington Trust Bancorp by 38.1% during the first 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 purchased a new stake in shares of Washington Trust Bancorp during the first quarter worth approximately $216,000. Corebridge Financial Inc. increased its position in shares of Washington Trust Bancorp by 11.4% during the first quarter. Corebridge Financial Inc. now owns 9,380 shares of the financial services provider's stock worth $289,000 after purchasing an additional 960 shares in the last quarter. Finally, 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 purchasing an additional 319 shares in the last quarter. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on WASH. Bank of America began coverage on 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. Piper Sandler lowered Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price objective on the stock. in a research note on Tuesday, July 22nd. One research 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 company. According to data from MarketBeat, Washington Trust Bancorp has an average rating of "Hold" and an average target price of $29.00.

Washington Trust Bancorp Trading Up 0.2%

WASH traded up $0.06 during mid-day trading on Thursday, hitting $29.82. 105,149 shares of the stock were exchanged, compared to its average volume of 105,541. The firm's fifty day moving average is $28.83 and its two-hundred day moving average is $28.72. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94. Washington Trust Bancorp, Inc. has a 1-year low of $24.95 and a 1-year high of $40.59. The company has a market cap of $571.35 million, a PE ratio of -19.75, a PEG ratio of 0.85 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 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 company had revenue of $54.26 million for the quarter, compared to the consensus estimate of $54.07 million. During the same quarter in the prior year, the business earned $0.63 EPS. Equities analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current fiscal year.

About Washington Trust Bancorp

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.