Washington Prime Group Inc. (WPG) Earns “Sell” Rating from Boenning Scattergood

Washington Prime Group Inc. (NYSE:WPG)‘s stock had its “sell” rating reiterated by equities researchers at Boenning Scattergood in a report released on Friday, October 27th. Boenning Scattergood also issued estimates for Washington Prime Group’s FY2017 earnings at $1.63 EPS, Q1 2018 earnings at $0.39 EPS, Q2 2018 earnings at $0.39 EPS, Q3 2018 earnings at $0.42 EPS, Q4 2018 earnings at $0.41 EPS and FY2018 earnings at $1.61 EPS.

A number of other equities research analysts have also recently commented on WPG. BidaskClub cut shares of Washington Prime Group from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. ValuEngine raised shares of Washington Prime Group from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Zacks Investment Research lowered shares of Washington Prime Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Finally, TheStreet upgraded shares of Washington Prime Group from a “d+” rating to a “c” rating in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold”.

Shares of Washington Prime Group (WPG) opened at $7.35 on Friday. The stock has a market cap of $1,346.99, a PE ratio of 4.34 and a beta of 0.92. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.07 and a quick ratio of 0.07. Washington Prime Group has a 52-week low of $6.71 and a 52-week high of $10.97.

Washington Prime Group (NYSE:WPG) last announced its quarterly earnings results on Wednesday, October 25th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.03). Washington Prime Group had a return on equity of 16.17% and a net margin of 21.85%. The business had revenue of $179.32 million during the quarter, compared to analysts’ expectations of $188.54 million. During the same period in the previous year, the company posted $0.46 EPS. Washington Prime Group’s revenue for the quarter was down 14.6% on a year-over-year basis. equities research analysts anticipate that Washington Prime Group will post 1.63 earnings per share for the current year.

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A number of hedge funds have recently added to or reduced their stakes in WPG. BlackRock Inc. grew its position in Washington Prime Group by 6,927.1% during the first quarter. BlackRock Inc. now owns 24,434,249 shares of the real estate investment trust’s stock valued at $212,335,000 after buying an additional 24,086,536 shares during the period. APG Asset Management US Inc. purchased a new position in Washington Prime Group during the second quarter valued at $40,827,000. Bank of New York Mellon Corp lifted its holdings in Washington Prime Group by 42.3% during the second quarter. Bank of New York Mellon Corp now owns 6,413,013 shares of the real estate investment trust’s stock valued at $53,677,000 after purchasing an additional 1,907,079 shares in the last quarter. FMR LLC lifted its holdings in Washington Prime Group by 51.3% during the second quarter. FMR LLC now owns 5,470,935 shares of the real estate investment trust’s stock valued at $45,792,000 after purchasing an additional 1,854,721 shares in the last quarter. Finally, Carleon Capital Partners LLC purchased a new position in Washington Prime Group during the second quarter valued at $7,321,000. Institutional investors own 91.19% of the company’s stock.

About Washington Prime Group

Washington Prime Group Inc (WPG Inc), formerly WP Glimcher Inc, operates as a self-administered and self-managed real estate investment trust (REIT). The Company’s primary business is the ownership, development and management of retail real estate within the United States. The Company owns, develops and manages enclosed retail properties and community centers.

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