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

Goldman Sachs Group Inc. lowered its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 24.1% during the 1st quarter, according to the company in its most recent filing with the Securities & 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 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Millennium Management LLC grew its holdings 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 valued at $7,096,000 after purchasing an additional 219,578 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Washington Trust Bancorp during the fourth quarter valued at approximately $4,853,000. Nuveen LLC bought a new position in shares of Washington Trust Bancorp during the first quarter valued at approximately $2,944,000. Vanguard Group Inc. boosted its stake in Washington Trust Bancorp by 8.3% in the first quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider’s stock valued at $34,545,000 after acquiring an additional 86,062 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Washington Trust Bancorp by 39.3% in the first quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider’s stock valued at $9,118,000 after acquiring an additional 83,311 shares in the last quarter. 65.81% of the stock is currently owned by hedge funds and other institutional investors.

Washington Trust Bancorp Trading Up 1.1%

Shares of Washington Trust Bancorp stock opened at $29.30 on Thursday. The company has a fifty day simple moving average of $28.80 and a 200-day simple moving average of $28.66. Washington Trust Bancorp, Inc. has a 12-month low of $24.95 and a 12-month 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 stock has a market cap of $561.39 million, a price-to-earnings ratio of -19.40, a PEG ratio of 0.82 and a beta of 0.94.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data 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 company had revenue of $54.26 million during the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $0.63 EPS. On average, equities analysts forecast that Washington Trust Bancorp, Inc. will post 2.76 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on WASH shares. Piper Sandler cut shares of Washington Trust Bancorp from a “neutral” rating to an “underweight” rating and set a $28.00 price target for the company. in a report on Tuesday, July 22nd. Bank of America initiated coverage on shares of Washington Trust Bancorp in a research report on Wednesday, May 28th. They issued a “neutral” rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price 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.