Washington Prime Group Inc. (WPG) Upgraded to “C” by TheStreet
Several other analysts have also recently issued reports on WPG. Zacks Investment Research upgraded shares of Washington Prime Group from a sell rating to a hold rating in a research note on Wednesday, May 3rd. ValuEngine cut shares of Washington Prime Group from a buy rating to a hold rating in a research note on Tuesday, June 6th. Finally, BidaskClub upgraded shares of Washington Prime Group from a sell rating to a hold rating in a research note on Tuesday, June 27th. Four equities research analysts have rated the stock with a hold rating, Washington Prime Group currently has an average rating of Hold and an average target price of $9.25.
Shares of Washington Prime Group (NYSE:WPG) opened at 9.06 on Wednesday. The firm’s 50-day moving average is $8.52 and its 200 day moving average is $8.76. The firm has a market capitalization of $1.68 billion, a P/E ratio of 11.01 and a beta of 0.92. Washington Prime Group has a 12 month low of $7.31 and a 12 month high of $14.15.
Washington Prime Group (NYSE:WPG) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.06. Washington Prime Group had a net margin of 22.65% and a return on equity of 17.36%. The business had revenue of $189.17 million for the quarter, compared to analysts’ expectations of $197.69 million. During the same period in the prior year, the company posted $0.45 EPS. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. On average, equities research analysts anticipate that Washington Prime Group will post $1.05 EPS for the current year.
In other news, CEO Louis G. Conforti bought 12,125 shares of the stock in a transaction on Friday, May 5th. The shares were acquired at an average cost of $8.25 per share, for a total transaction of $100,031.25. Following the purchase, the chief executive officer now directly owns 40,825 shares of the company’s stock, valued at approximately $336,806.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.28% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in Washington Prime Group during the fourth quarter valued at $19,388,000. Macquarie Group Ltd. boosted its stake in Washington Prime Group by 12.0% in the fourth quarter. Macquarie Group Ltd. now owns 79,086 shares of the real estate investment trust’s stock valued at $823,000 after buying an additional 8,505 shares during the period. Louisiana State Employees Retirement System boosted its stake in Washington Prime Group by 2.2% in the first quarter. Louisiana State Employees Retirement System now owns 46,800 shares of the real estate investment trust’s stock valued at $407,000 after buying an additional 1,000 shares during the period. Nisa Investment Advisors LLC boosted its stake in Washington Prime Group by 39.0% in the first quarter. Nisa Investment Advisors LLC now owns 160,426 shares of the real estate investment trust’s stock valued at $1,394,000 after buying an additional 45,000 shares during the period. Finally, State of Alaska Department of Revenue boosted its stake in Washington Prime Group by 32.1% in the first quarter. State of Alaska Department of Revenue now owns 100,129 shares of the real estate investment trust’s stock valued at $870,000 after buying an additional 24,330 shares during the period. Institutional investors and hedge funds own 89.94% 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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