Zacks Investment Research upgraded shares of Washington Prime Group Inc. (NYSE:WPG) from a sell rating to a hold rating in a research report released on Thursday morning.
According to Zacks, “Washington Prime Group Inc. is a retail REIT. The company is engaged in the ownership, management, acquisition and development of retail properties. Washington Prime Group Inc., formerly known as WP Glimcher Inc., is based in COLUMBUS, United States. “
WPG has been the topic of several other research reports. Boenning Scattergood cut Washington Prime Group from a neutral rating to an under perform rating in a research note on Wednesday, August 23rd. ValuEngine upgraded Washington Prime Group from a hold rating to a buy rating in a research note on Monday, October 2nd. BidaskClub upgraded Washington Prime Group from a sell rating to a hold rating in a research note on Tuesday, June 27th. Finally, TheStreet upgraded Washington Prime Group from a d+ rating to a c rating in a research note on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Washington Prime Group currently has an average rating of Hold.
Washington Prime Group (NYSE WPG) traded down 0.34% on Thursday, hitting $8.67. The stock had a trading volume of 2,237,446 shares. Washington Prime Group has a 12-month low of $7.31 and a 12-month high of $12.18. The company’s 50 day moving average is $8.40 and its 200 day moving average is $8.48. The firm has a market cap of $1.61 billion, a PE ratio of 9.42 and a beta of 0.95.
Washington Prime Group (NYSE:WPG) last announced its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.06. Washington Prime Group had a return on equity of 17.36% and a net margin of 22.65%. The firm had revenue of $189.17 million for the quarter, compared to analysts’ expectations of $197.69 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Washington Prime Group’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, equities research analysts expect that Washington Prime Group will post $0.94 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 11.53%. The ex-dividend date was Wednesday, August 30th. Washington Prime Group’s payout ratio is currently 108.70%.
Large investors have recently bought and sold shares of the company. Chilton Capital Management LLC bought a new position in shares of Washington Prime Group during the second quarter valued at approximately $101,000. Creative Planning grew its holdings in shares of Washington Prime Group by 26.9% during the second quarter. Creative Planning now owns 12,772 shares of the real estate investment trust’s stock valued at $107,000 after purchasing an additional 2,710 shares during the last quarter. Shelton Capital Management bought a new position in shares of Washington Prime Group during the second quarter valued at approximately $111,000. Timber Hill LLC bought a new position in shares of Washington Prime Group during the second quarter valued at approximately $113,000. Finally, Riverhead Capital Management LLC grew its holdings in shares of Washington Prime Group by 71.4% during the second quarter. Riverhead Capital Management LLC now owns 13,885 shares of the real estate investment trust’s stock valued at $116,000 after purchasing an additional 5,785 shares during the last quarter. 92.00% of the stock is owned by institutional investors.
About Washington Prime Group
Washington Prime Group Inc (WPG Inc), formerly WP Glimcher Inc, operates as a self-administered and self-managed real estate investment trust (REIT). The Company’s primary business is the ownership, development and management of retail real estate within the United States. The Company owns, develops and manages enclosed retail properties and community centers.
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