Zacks: Brokerages Expect Washington Prime Group (WPG) Will Announce Quarterly Sales of $178.62 Million

Wall Street brokerages forecast that Washington Prime Group (NYSE:WPG) will report sales of $178.62 million for the current quarter, according to Zacks. Two analysts have provided estimates for Washington Prime Group’s earnings, with estimates ranging from $176.80 million to $180.44 million. Washington Prime Group reported sales of $189.17 million during the same quarter last year, which indicates a negative year-over-year growth rate of 5.6%. The firm is expected to report its next quarterly earnings results on Wednesday, July 25th.

According to Zacks, analysts expect that Washington Prime Group will report full-year sales of $724.92 million for the current year, with estimates ranging from $716.80 million to $733.03 million. For the next financial year, analysts anticipate that the company will post sales of $723.71 million per share, with estimates ranging from $704.70 million to $742.72 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Washington Prime Group.

Washington Prime Group (NYSE:WPG) last posted its earnings results on Wednesday, April 25th. The real estate investment trust reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.30). The company had revenue of $180.34 million during the quarter, compared to analysts’ expectations of $178.70 million. Washington Prime Group had a net margin of 26.94% and a return on equity of 18.52%.

A number of research analysts recently commented on WPG shares. ValuEngine downgraded shares of Washington Prime Group from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Boenning Scattergood reaffirmed a “sell” rating on shares of Washington Prime Group in a research report on Friday, February 23rd. Finally, Zacks Investment Research downgraded shares of Washington Prime Group from a “hold” rating to a “sell” rating in a research report on Friday, January 26th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock has a consensus rating of “Hold” and an average price target of $7.00.

NYSE WPG opened at $7.34 on Wednesday. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $1.31 billion, a P/E ratio of 4.50 and a beta of 0.60. Washington Prime Group has a 12 month low of $5.40 and a 12 month high of $9.79.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 13.62%. The ex-dividend date is Thursday, May 31st. Washington Prime Group’s dividend payout ratio is currently 61.35%.

In other Washington Prime Group news, CEO Louis G. Conforti purchased 28,198 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was purchased at an average price of $6.49 per share, for a total transaction of $183,005.02. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.41% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Regent Investment Management LLC acquired a new stake in Washington Prime Group during the 4th quarter worth $100,000. Bfsg LLC acquired a new stake in Washington Prime Group during the 4th quarter worth $135,000. MANA Advisors LLC acquired a new stake in Washington Prime Group during the 4th quarter worth $146,000. Engineers Gate Manager LP acquired a new stake in Washington Prime Group during the 4th quarter worth $150,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in Washington Prime Group during the 4th quarter worth $156,000. Hedge funds and other institutional investors own 86.80% of the company’s stock.

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.

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Earnings History and Estimates for Washington Prime Group (NYSE:WPG)

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