M&T Bank Corp reduced its position in Washington Prime Group Inc. (NYSE:WPG) by 24.3% during the first quarter, Holdings Channel reports. The fund owned 32,057 shares of the real estate investment trust’s stock after selling 10,300 shares during the period. M&T Bank Corp’s holdings in Washington Prime Group were worth $279,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Tyers Asset Management LLC purchased a new stake in shares of Washington Prime Group during the fourth quarter worth $103,000. Teza Capital Management LLC bought a new position in Washington Prime Group during the first quarter valued at approximately $103,000. Wedbush Securities Inc. bought a new position in Washington Prime Group during the first quarter valued at approximately $108,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Washington Prime Group by 9.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,580 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 1,137 shares during the last quarter. Finally, Spectrum Management Group Inc. bought a new position in Washington Prime Group during the first quarter valued at approximately $114,000. Institutional investors and hedge funds own 89.84% of the company’s stock.

Institutional Ownership by Quarter for Washington Prime Group (NYSE:WPG)

Washington Prime Group Inc. (WPG) opened at 8.14 on Friday. Washington Prime Group Inc. has a 1-year low of $7.31 and a 1-year high of $14.15. The company’s 50-day moving average is $8.09 and its 200 day moving average is $9.11. The firm has a market capitalization of $1.51 billion, a PE ratio of 28.07 and a beta of 0.93.

Washington Prime Group (NYSE:WPG) last announced its quarterly earnings results on Wednesday, April 26th. The real estate investment trust reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.02. Washington Prime Group had a return on equity of 6.36% and a net margin of 8.13%. The business had revenue of $202.39 million during the quarter, compared to the consensus estimate of $198.72 million. During the same quarter last year, the firm posted $0.42 EPS. The company’s quarterly revenue was down 3.6% on a year-over-year basis. On average, equities analysts expect that Washington Prime Group Inc. will post $1.05 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 12.29%. The ex-dividend date was Tuesday, May 30th. Washington Prime Group’s dividend payout ratio is 500.00%.

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Several equities analysts recently commented on WPG shares. Zacks Investment Research upgraded shares of Washington Prime Group from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a research note on Wednesday, May 10th. ValuEngine cut shares of Washington Prime Group from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th.

In other news, EVP Robert P. Demchak bought 6,140 shares of the company’s stock in a transaction dated Monday, March 27th. The stock was bought at an average price of $8.15 per share, with a total value of $50,041.00. Following the completion of the acquisition, the executive vice president now owns 7,205 shares of the company’s stock, valued at $58,720.75. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Keric M. Knerr bought 6,119 shares of the company’s stock in a transaction dated Tuesday, March 28th. The shares were purchased at an average cost of $8.17 per share, with a total value of $49,992.23. Following the acquisition, the insider now directly owns 12,942 shares of the company’s stock, valued at approximately $105,736.14. The disclosure for this purchase can be found here. Insiders have acquired a total of 53,084 shares of company stock valued at $449,180 in the last ninety days. Insiders own 0.28% of the company’s stock.

Washington Prime Group Company Profile

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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