Shares of Washington Prime Group Inc (NYSE:WPG) were down 5.5% during trading on Thursday . The company traded as low as $3.59 and last traded at $3.59, approximately 5,450,574 shares were traded during mid-day trading. An increase of 81% from the average daily volume of 3,015,824 shares. The stock had previously closed at $3.80.
A number of research analysts have weighed in on WPG shares. SunTrust Banks set a $4.00 target price on shares of Washington Prime Group and gave the stock a “sell” rating in a research note on Monday, August 26th. Zacks Investment Research restated a “sell” rating on shares of Washington Prime Group in a research report on Saturday, October 26th. Finally, ValuEngine raised Washington Prime Group from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. Three investment analysts have rated the stock with a sell rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $4.15.
The firm has a market capitalization of $701.62 million, a price-to-earnings ratio of 2.49 and a beta of 0.88. The business has a 50 day simple moving average of $4.27 and a 200-day simple moving average of $3.92. The company has a debt-to-equity ratio of 4.12, a quick ratio of 0.47 and a current ratio of 0.47.
Washington Prime Group (NYSE:WPG) last announced its quarterly earnings results on Wednesday, October 23rd. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.29). Washington Prime Group had a net margin of 5.72% and a return on equity of 4.61%. The firm had revenue of $161.20 million for the quarter, compared to analyst estimates of $167.65 million. During the same period in the previous year, the firm posted $0.37 EPS. The company’s revenue was down 9.9% compared to the same quarter last year. Equities analysts predict that Washington Prime Group Inc will post 1.37 earnings per share for the current fiscal year.
The company also recently disclosed a dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.25 per share. The ex-dividend date is Friday, November 29th. Washington Prime Group’s payout ratio is currently 66.23%.
A number of hedge funds have recently modified their holdings of WPG. Morgan Stanley grew its stake in shares of Washington Prime Group by 10.2% in the 2nd quarter. Morgan Stanley now owns 4,204,593 shares of the real estate investment trust’s stock valued at $16,062,000 after buying an additional 388,332 shares during the period. Jefferies Group LLC acquired a new stake in shares of Washington Prime Group during the 2nd quarter worth approximately $61,000. First Trust Advisors LP increased its holdings in shares of Washington Prime Group by 16.4% during the 2nd quarter. First Trust Advisors LP now owns 449,390 shares of the real estate investment trust’s stock worth $1,717,000 after buying an additional 63,294 shares during the last quarter. Rhumbline Advisers raised its position in shares of Washington Prime Group by 8.0% during the 3rd quarter. Rhumbline Advisers now owns 665,899 shares of the real estate investment trust’s stock valued at $2,757,000 after buying an additional 49,428 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of Washington Prime Group by 143.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 16,028 shares of the real estate investment trust’s stock valued at $66,000 after buying an additional 9,433 shares during the period. 81.99% of the stock is currently owned by institutional investors.
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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