Trading Report: Today: Parsons Capital Management Inc. RI cuts its investment of stake in Washington Trust Bancorp Inc. (WASH)

Today: Parsons Capital Management Inc. RI cuts its investment of stake in Washington Trust Bancorp Inc. (WASH)

Parsons Capital Management Inc. RI cut its stake in Washington Trust Bancorp Inc. (NASDAQ:WASH) by 1.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,800 shares of the financial services provider’s stock after selling 150 shares during the period. Parsons Capital Management Inc. RI owned about 0.07% of Washington Trust Bancorp worth $515,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of Washington Trust Bancorp by 6.8% in the second quarter. Dimensional Fund Advisors LP now owns 666,689 shares of the financial services provider’s stock worth $25,280,000 after buying an additional 42,324 shares in the last quarter. Edge Asset Management Inc. raised its stake in shares of Washington Trust Bancorp by 19.3% in the second quarter. Edge Asset Management Inc. now owns 571,705 shares of the financial services provider’s stock worth $21,679,000 after buying an additional 92,677 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Washington Trust Bancorp by 3.6% in the second quarter. Vanguard Group Inc. now owns 557,079 shares of the financial services provider’s stock worth $21,125,000 after buying an additional 19,429 shares in the last quarter. WASHINGTON TRUST Co raised its stake in shares of Washington Trust Bancorp by 0.3% in the second quarter. WASHINGTON TRUST Co now owns 487,716 shares of the financial services provider’s stock worth $18,494,000 after buying an additional 1,339 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of Washington Trust Bancorp by 0.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 466,232 shares of the financial services provider’s stock worth $17,400,000 after buying an additional 1,322 shares in the last quarter. 52.73% of the stock is owned by institutional investors and hedge funds.

Shares of Washington Trust Bancorp Inc. (NASDAQ:WASH) traded down 1.2908% during mid-day trading on Monday, reaching $51.9704. 19,375 shares of the company traded hands. Washington Trust Bancorp Inc. has a 52 week low of $34.59 and a 52 week high of $54.75. The firm has a market capitalization of $889.79 million, a price-to-earnings ratio of 19.9120 and a beta of 0.60. The firm has a 50-day moving average price of $45.86 and a 200 day moving average price of $40.93.

Washington Trust Bancorp (NASDAQ:WASH) last issued its earnings results on Monday, October 24th. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.08. Washington Trust Bancorp had a net margin of 23.33% and a return on equity of 11.68%. On average, analysts anticipate that Washington Trust Bancorp Inc. will post $2.64 earnings per share for the current year.

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods lowered shares of Washington Trust Bancorp from an “outperform” rating to a “market perform” rating and set a $41.00 price target for the company. in a research note on Monday, October 3rd. Compass Point lowered shares of Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research report on Friday, November 18th.

In other Washington Trust Bancorp news, Director Katherine W. Hoxsie sold 2,000 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $42.31, for a total transaction of $84,620.00. Following the completion of the sale, the director now directly owns 24,302 shares of the company’s stock, valued at $1,028,217.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Dennis L. Algiere sold 2,200 shares of the stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $46.07, for a total transaction of $101,354.00. Following the sale, the senior vice president now directly owns 10,855 shares of the company’s stock, valued at $500,089.85. The disclosure for this sale can be found here. Company insiders own 2.58% of the company’s stock.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc (Bancorp) is a bank holding and financial holding company. The Company operates through two segments: Commercial Banking and Wealth Management Services. Its Commercial Banking segment includes commercial, residential and consumer lending activities; equity in losses of unconsolidated investments in real estate limited partnerships, mortgage banking, secondary market and loan servicing activities; deposit generation; merchant credit card services; cash management activities, and direct banking activities, which include the operation of automated teller machines (ATMs), telephone and Internet banking services, and customer support and sales.

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