Washington Prime Group (WPG) Shares Gap Up Following Dividend Announcement

Washington Prime Group Inc (NYSE:WPG)’s share price gapped up before the market opened on Friday following a dividend announcement from the company. The stock had previously closed at $4.70, but opened at $4.85. Washington Prime Group shares last traded at $4.88, with a volume of 2184316 shares.

The newly announced dividend which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 20.49%. The ex-dividend date is Friday, May 31st. Washington Prime Group’s dividend payout ratio (DPR) is 66.23%.

Several analysts recently commented on WPG shares. Zacks Investment Research raised Washington Prime Group from a “sell” rating to a “hold” rating in a report on Saturday, January 19th. TheStreet raised Washington Prime Group from a “d+” rating to a “c” rating in a report on Thursday, March 7th. Finally, ValuEngine lowered Washington Prime Group from a “hold” rating to a “sell” rating in a report on Thursday, April 11th. Four analysts have rated the stock with a sell rating, Washington Prime Group has a consensus rating of “Sell” and an average target price of $4.75.



The firm has a market capitalization of $904.53 million, a P/E ratio of 3.23 and a beta of 1.01. The company has a debt-to-equity ratio of 3.40, a current ratio of 0.51 and a quick ratio of 0.51.

Washington Prime Group (NYSE:WPG) last posted its earnings results on Wednesday, April 24th. The real estate investment trust reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.29 by ($0.32). The company had revenue of $168.82 million for the quarter, compared to analyst estimates of $169.27 million. Washington Prime Group had a return on equity of 7.53% and a net margin of 9.96%. The firm’s revenue was down 4.6% on a year-over-year basis. During the same period last year, the business earned $0.39 earnings per share. As a group, research analysts predict that Washington Prime Group Inc will post 1.2 EPS for the current fiscal year.

In other Washington Prime Group news, EVP Robert P. Demchak sold 11,747 shares of the firm’s stock in a transaction that occurred on Tuesday, February 26th. The stock was sold at an average price of $5.74, for a total value of $67,427.78. Following the sale, the executive vice president now directly owns 58,620 shares of the company’s stock, valued at $336,478.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Louis G. Conforti acquired 22,500 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was acquired at an average cost of $4.55 per share, for a total transaction of $102,375.00. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 17,129 shares of company stock worth $98,010. 0.72% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue grew its holdings in Washington Prime Group by 1.6% in the fourth quarter. State of Alaska Department of Revenue now owns 123,131 shares of the real estate investment trust’s stock valued at $597,000 after purchasing an additional 1,997 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in Washington Prime Group by 1.9% in the first quarter. Nomura Asset Management Co. Ltd. now owns 123,200 shares of the real estate investment trust’s stock valued at $696,000 after purchasing an additional 2,300 shares during the period. American Asset Management Inc. grew its holdings in Washington Prime Group by 20.0% in the first quarter. American Asset Management Inc. now owns 14,400 shares of the real estate investment trust’s stock valued at $81,000 after purchasing an additional 2,400 shares during the period. LPL Financial LLC grew its holdings in Washington Prime Group by 4.2% in the fourth quarter. LPL Financial LLC now owns 59,643 shares of the real estate investment trust’s stock valued at $290,000 after purchasing an additional 2,403 shares during the period. Finally, Sheaff Brock Investment Advisors LLC grew its holdings in Washington Prime Group by 24.2% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 15,399 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 3,000 shares during the period. 86.46% of the stock is currently owned by institutional investors.

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About Washington Prime Group (NYSE:WPG)

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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