Washington Prime Group Inc (NYSE:WPG) – Equities researchers at SunTrust Banks raised their FY2019 EPS estimates for Washington Prime Group in a research note issued on Monday, June 10th. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will post earnings of $1.21 per share for the year, up from their prior estimate of $1.20. SunTrust Banks also issued estimates for Washington Prime Group’s FY2020 earnings at $1.14 EPS and FY2021 earnings at $1.10 EPS.
Washington Prime Group (NYSE:WPG) last released its quarterly earnings results on Wednesday, April 24th. The real estate investment trust reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.32). Washington Prime Group had a net margin of 9.96% and a return on equity of 7.53%. The business had revenue of $168.82 million during the quarter, compared to analyst estimates of $169.27 million. During the same quarter in the previous year, the firm posted $0.39 earnings per share. The firm’s quarterly revenue was down 4.6% on a year-over-year basis.
NYSE WPG opened at $4.20 on Thursday. 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 has a 1-year low of $3.80 and a 1-year high of $8.44. The company has a market capitalization of $775.82 million, a PE ratio of 2.78 and a beta of 0.94.
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 23.81%. Washington Prime Group’s payout ratio is 66.23%.
In other Washington Prime Group news, CEO Louis G. Conforti purchased 22,500 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was bought at an average cost of $4.55 per share, for a total transaction of $102,375.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in WPG. JPMorgan Chase & Co. increased its stake in Washington Prime Group by 1.3% in the third quarter. JPMorgan Chase & Co. now owns 2,103,033 shares of the real estate investment trust’s stock valued at $15,351,000 after acquiring an additional 27,681 shares during the last quarter. Arizona State Retirement System increased its stake in Washington Prime Group by 6.2% in the fourth quarter. Arizona State Retirement System now owns 286,552 shares of the real estate investment trust’s stock valued at $1,393,000 after acquiring an additional 16,662 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Washington Prime Group by 2.4% in the fourth quarter. Advisors Asset Management Inc. now owns 3,102,466 shares of the real estate investment trust’s stock valued at $15,078,000 after acquiring an additional 73,150 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in Washington Prime Group by 17.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 38,822 shares of the real estate investment trust’s stock valued at $189,000 after acquiring an additional 5,880 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Washington Prime Group by 18.3% in the fourth quarter. Rhumbline Advisers now owns 586,014 shares of the real estate investment trust’s stock valued at $2,848,000 after acquiring an additional 90,772 shares during the last quarter. 84.62% of the stock is currently owned by institutional investors and hedge funds.
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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