Washington Prime Group’s (WPG) Sell Rating Reaffirmed at Zacks Investment Research

Zacks Investment Research reissued their sell rating on shares of Washington Prime Group (NYSE:WPG) in a report released on Saturday, Zacks.com reports.

According to Zacks, “Washington Prime Group Inc. is a retail REIT. The company is engaged in the ownership, management, acquisition and development of retail properties. Washington Prime Group Inc., formerly known as WP Glimcher Inc., is based in COLUMBUS, United States. “

A number of other research firms have also recently commented on WPG. SunTrust Banks set a $4.00 price objective on Washington Prime Group and gave the company a sell rating in a report on Monday, August 26th. ValuEngine upgraded Washington Prime Group from a hold rating to a buy rating in a report on Wednesday, September 11th. Three analysts have rated the stock with a sell rating and one has given a buy rating to the company’s stock. Washington Prime Group has an average rating of Hold and a consensus target price of $4.15.

WPG traded down $0.02 during trading hours on Friday, reaching $3.83. The company’s stock had a trading volume of 1,946,746 shares, compared to its average volume of 4,510,730. Washington Prime Group has a fifty-two week low of $3.11 and a fifty-two week high of $6.96. The stock has a market cap of $718.36 million, a PE ratio of 2.54 and a beta of 0.87. The business’s 50-day moving average is $3.68 and its 200-day moving average is $4.19. The company has a debt-to-equity ratio of 3.82, a current ratio of 0.44 and a quick ratio of 0.44.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 26.11%. The ex-dividend date was Friday, August 30th. Washington Prime Group’s dividend payout ratio is presently 66.23%.

In other Washington Prime Group news, Director John F. Levy acquired 14,800 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were purchased at an average cost of $3.36 per share, for a total transaction of $49,728.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in WPG. Bank of Montreal Can raised its position in Washington Prime Group by 97.1% in the first quarter. Bank of Montreal Can now owns 7,396 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 3,643 shares during the period. Parametric Portfolio Associates LLC raised its position in Washington Prime Group by 17.3% in the first 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 purchasing an additional 236,011 shares during the period. Nomura Asset Management Co. Ltd. raised its position 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. Pictet Asset Management Ltd. raised its position in Washington Prime Group by 56.5% in the first quarter. Pictet Asset Management Ltd. now owns 29,900 shares of the real estate investment trust’s stock valued at $169,000 after purchasing an additional 10,800 shares during the period. Finally, NumerixS Investment Technologies Inc raised its position in Washington Prime Group by 93.4% in the first quarter. NumerixS Investment Technologies Inc now owns 23,600 shares of the real estate investment trust’s stock valued at $130,000 after purchasing an additional 11,400 shares during the period. 86.04% of the stock is currently owned by institutional investors.

Washington Prime Group Company Profile

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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