Washington Prime Group (NYSE:WPG) Raised to “Hold” at Zacks Investment Research

Washington Prime Group (NYSE:WPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, December 28th.

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 analysts also recently issued reports on WPG. ValuEngine upgraded shares of Washington Prime Group from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Boenning Scattergood reiterated a “sell” rating on shares of Washington Prime Group in a report on Friday, October 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold”.

Washington Prime Group (NYSE WPG) opened at $7.10 on Thursday. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 1.34. Washington Prime Group has a 12 month low of $6.62 and a 12 month high of $10.40. The firm has a market cap of $1,320.00, a PE ratio of 9.86 and a beta of 0.89.

Washington Prime Group (NYSE:WPG) last released its earnings results on Wednesday, October 25th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing the Zacks’ 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 last year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was down 14.6% compared to the same quarter last year. equities analysts anticipate that Washington Prime Group will post 1.63 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of WPG. Wells Fargo & Company MN lifted its position in shares of Washington Prime Group by 24.8% during the 2nd quarter. Wells Fargo & Company MN now owns 301,957 shares of the real estate investment trust’s stock worth $2,527,000 after purchasing an additional 59,916 shares during the last quarter. BlackRock Inc. lifted its position in shares of Washington Prime Group by 0.9% during the 2nd quarter. BlackRock Inc. now owns 24,651,964 shares of the real estate investment trust’s stock worth $206,338,000 after purchasing an additional 217,715 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Washington Prime Group by 34.4% during the 2nd quarter. Prudential Financial Inc. now owns 3,020,982 shares of the real estate investment trust’s stock worth $25,285,000 after purchasing an additional 773,931 shares during the last quarter. Kempen Capital Management N.V. lifted its position in Washington Prime Group by 19.3% in the second quarter. Kempen Capital Management N.V. now owns 441,246 shares of the real estate investment trust’s stock valued at $3,694,000 after acquiring an additional 71,316 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new stake in Washington Prime Group in the third quarter valued at $334,000. Institutional investors and hedge funds own 89.83% of the company’s stock.

WARNING: “Washington Prime Group (NYSE:WPG) Raised to “Hold” at Zacks Investment Research” was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this piece on another publication, it was copied illegally and reposted in violation of U.S. and international trademark & copyright legislation. The original version of this piece can be read at https://www.dispatchtribunal.com/2018/01/14/washington-prime-group-wpg-stock-rating-upgraded-by-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Washington Prime Group (WPG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Washington Prime Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Washington Prime Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply