PNC Financial Services Group Inc. Reduces Stock Position in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

PNC Financial Services Group Inc. cut its stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 6.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 14,745 shares of the financial services provider’s stock after selling 1,015 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Washington Trust Bancorp were worth $462,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in Washington Trust Bancorp in the fourth quarter valued at about $2,192,000. JPMorgan Chase & Co. increased its stake in shares of Washington Trust Bancorp by 60.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 66,737 shares of the financial services provider’s stock worth $2,150,000 after purchasing an additional 25,029 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Washington Trust Bancorp during the 4th quarter worth approximately $1,955,000. Barclays PLC increased its stake in shares of Washington Trust Bancorp by 44.9% during the 3rd quarter. Barclays PLC now owns 53,315 shares of the financial services provider’s stock worth $1,717,000 after purchasing an additional 16,511 shares in the last quarter. Finally, Zacks Investment Management purchased a new position in shares of Washington Trust Bancorp during the 3rd quarter worth approximately $1,258,000. 65.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WASH has been the subject of a number of recent research reports. StockNews.com raised shares of Washington Trust Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, January 31st. Seaport Res Ptn raised shares of Washington Trust Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 14th.

Washington Trust Bancorp Stock Up 1.1 %

Shares of NASDAQ WASH opened at $31.69 on Thursday. Washington Trust Bancorp, Inc. has a 1 year low of $24.11 and a 1 year high of $40.59. The firm’s 50 day moving average price is $31.82 and its 200 day moving average price is $33.13. The firm has a market cap of $610.86 million, a P/E ratio of -20.45 and a beta of 0.80. The company has a debt-to-equity ratio of 2.63, a quick ratio of 1.10 and a current ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last announced its earnings results on Wednesday, January 29th. The financial services provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Washington Trust Bancorp had a negative net margin of 6.90% and a positive return on equity of 8.99%. As a group, sell-side analysts anticipate that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

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.