Washington Prime Group Inc (NYSE:WPG) – Equities researchers at SunTrust Banks reduced their FY2019 earnings per share (EPS) estimates for shares of Washington Prime Group in a note issued to investors on Monday, August 26th, according to Zacks Investment Research. SunTrust Banks analyst K. Kim now forecasts that the real estate investment trust will post earnings of $1.18 per share for the year, down from their previous estimate of $1.21. SunTrust Banks currently has a “Sell” rating and a $4.00 price target on the stock.
A number of other analysts have also recently weighed in on the company. ValuEngine raised Washington Prime Group from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. Zacks Investment Research cut Washington Prime Group from a “hold” rating to a “sell” rating in a research report on Saturday. Three equities research analysts have rated the stock with a sell rating and one has issued a buy rating to the stock. Washington Prime Group presently has a consensus rating of “Hold” and a consensus target price of $4.15.Shares of NYSE WPG traded down $0.01 during trading hours on Thursday, reaching $4.00. The stock had a trading volume of 4,975,123 shares, compared to its average volume of 4,177,566. The firm has a market cap of $748.22 million, a price-to-earnings ratio of 2.65 and a beta of 0.85. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 3.82. Washington Prime Group has a fifty-two week low of $3.11 and a fifty-two week high of $7.46. The firm has a 50-day moving average of $3.53 and a 200-day moving average of $4.27.
Several hedge funds have recently modified their holdings of WPG. Tower Research Capital LLC TRC purchased a new position in shares of Washington Prime Group during the 2nd quarter worth approximately $25,000. Parallel Advisors LLC purchased a new position in shares of Washington Prime Group during the 1st quarter worth approximately $31,000. Bank of Montreal Can raised its stake in shares of Washington Prime Group by 97.1% during the 1st quarter. Bank of Montreal Can now owns 7,396 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 3,643 shares in the last quarter. Quantamental Technologies LLC purchased a new position in shares of Washington Prime Group during the 1st quarter worth approximately $48,000. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Washington Prime Group during the 2nd quarter worth approximately $48,000. 86.04% of the stock is owned by institutional investors and hedge funds.
In other Washington Prime Group news, Director J. Taggart Birge bought 28,300 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was acquired at an average cost of $3.53 per share, with a total value of $99,899.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John F. Levy bought 14,800 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were 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 a total of 71,350 shares of company stock valued at $247,937 over the last ninety days. 0.72% of the stock is owned by insiders.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.00 dividend on an annualized basis and a yield of 25.00%. Washington Prime Group’s payout ratio is 66.23%.
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.