Prudential Financial Inc. Purchases 134,230 Shares of Washington Prime Group Inc (NYSE:WPG)
Prudential Financial Inc. lifted its position in Washington Prime Group Inc (NYSE:WPG) by 10.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,361,457 shares of the real estate investment trust’s stock after buying an additional 134,230 shares during the quarter. Prudential Financial Inc. owned about 0.73% of Washington Prime Group worth $5,201,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in WPG. Zweig DiMenna Associates LLC grew its stake in shares of Washington Prime Group by 3,834.3% in the 2nd quarter. Zweig DiMenna Associates LLC now owns 1,821,584 shares of the real estate investment trust’s stock valued at $6,958,000 after buying an additional 1,775,284 shares in the last quarter. Orinda Asset Management LLC bought a new stake in shares of Washington Prime Group in the 2nd quarter valued at approximately $2,062,000. LSV Asset Management grew its stake in shares of Washington Prime Group by 17.8% in the 1st quarter. LSV Asset Management now owns 2,360,944 shares of the real estate investment trust’s stock valued at $13,339,000 after buying an additional 356,899 shares in the last quarter. AE Wealth Management LLC bought a new stake in shares of Washington Prime Group in the 2nd quarter valued at approximately $1,317,000. Finally, Parametric Portfolio Associates LLC grew its stake in shares of Washington Prime Group by 17.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 1,602,834 shares of the real estate investment trust’s stock valued at $9,056,000 after buying an additional 236,011 shares in the last quarter. 86.04% of the stock is owned by institutional investors and hedge funds.
In other Washington Prime Group news, CEO Louis G. Conforti acquired 28,250 shares of Washington Prime Group stock in a transaction dated Wednesday, June 26th. The stock was bought at an average cost of $3.48 per share, with a total value of $98,310.00. Following the completion of the transaction, the chief executive officer now owns 349,438 shares of the company’s stock, valued at $1,216,044.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John F. Levy acquired 14,800 shares of Washington Prime Group stock in a transaction dated Thursday, September 5th. The stock was acquired at an average cost of $3.36 per share, with a total value of $49,728.00. The disclosure for this purchase can be found here. Insiders have acquired 71,350 shares of company stock valued at $247,937 in the last ninety days. Company insiders own 0.72% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.00 dividend on an annualized basis and a yield of 25.51%. Washington Prime Group’s payout ratio is currently 66.23%.
WPG has been the subject of several recent research reports. ValuEngine raised Washington Prime Group from a “hold” rating to a “buy” rating in a research note on Wednesday. SunTrust Banks set a $4.00 target price on Washington Prime Group and gave the stock a “sell” rating in a research report on Monday, August 26th. Finally, Zacks Investment Research reaffirmed a “sell” rating on shares of Washington Prime Group in a research report on Sunday, September 8th. Three investment analysts have rated the stock with a sell rating and one has issued a buy rating to the stock. Washington Prime Group presently has an average rating of “Hold” and a consensus price target of $4.15.
About Washington Prime Group
Washington Prime Group Inc is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with an investment grade balance sheet, leveraging its expertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S.
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