Bank of New York Mellon Corp trimmed its stake in Washington Trust Bancorp (NASDAQ:WASH) by 79.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 391,157 shares of the financial services provider’s stock after selling 1,476,969 shares during the period. Bank of New York Mellon Corp owned approximately 2.27% of Washington Trust Bancorp worth $12,810,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of WASH. Russell Investments Group Ltd. grew its position in Washington Trust Bancorp by 2,127.7% during the second quarter. Russell Investments Group Ltd. now owns 237,894 shares of the financial services provider’s stock valued at $7,788,000 after acquiring an additional 227,215 shares during the last quarter. ProShare Advisors LLC bought a new position in Washington Trust Bancorp in the second quarter worth $7,127,000. Drexel Morgan & Co. bought a new position in Washington Trust Bancorp in the first quarter worth $4,245,000. JPMorgan Chase & Co. raised its position in shares of Washington Trust Bancorp by 25.7% in the 1st quarter. JPMorgan Chase & Co. now owns 372,078 shares of the financial services provider’s stock worth $13,604,000 after purchasing an additional 76,080 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Washington Trust Bancorp during the second quarter valued at approximately $1,667,000. Institutional investors own 71.46% of the company’s stock.

WASH opened at $33.73 on Wednesday. The stock has a market cap of $582.18 million, a price-to-earnings ratio of 8.74 and a beta of 0.60. The stock’s 50 day moving average price is $34.00 and its 200-day moving average price is $33.77. Washington Trust Bancorp has a one year low of $25.86 and a one year high of $54.96. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.09 and a current ratio of 1.10.

Washington Trust Bancorp (NASDAQ:WASH) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.57. The company had revenue of $57.27 million for the quarter, compared to analysts’ expectations of $49.03 million. Washington Trust Bancorp had a return on equity of 13.23% and a net margin of 25.07%. As a group, analysts predict that Washington Trust Bancorp will post 3.91 earnings per share for the current fiscal year.

A number of research analysts recently weighed in on the stock. ValuEngine downgraded shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 22nd. Zacks Investment Research downgraded shares of Washington Trust Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, July 4th. Finally, BidaskClub upgraded shares of Washington Trust Bancorp from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 9th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $47.00.

About Washington Trust Bancorp

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that offers various financial products and services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment provides various commercial and retail lending products, which include commercial real estate loans consisting of commercial mortgages and construction loans; commercial and industrial loans; residential real estate 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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Institutional Ownership by Quarter for Washington Trust Bancorp (NASDAQ:WASH)

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