Oppenheimer & Co. Inc. bought a new position in Washington Prime Group Inc (NYSE:WPG) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,479 shares of the real estate investment trust’s stock, valued at approximately $48,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in WPG. Parallel Advisors LLC acquired a new stake in Washington Prime Group in the first quarter worth approximately $31,000. Bank of Montreal Can lifted its position in Washington Prime Group by 97.1% in the first quarter. Bank of Montreal Can now owns 7,396 shares of the real estate investment trust’s stock worth $42,000 after purchasing an additional 3,643 shares during the period. LexAurum Advisors LLC acquired a new stake in Washington Prime Group in the second quarter worth approximately $50,000. Enlightenment Research LLC acquired a new stake in Washington Prime Group in the second quarter worth approximately $54,000. Finally, Wiley BROS. Aintree Capital LLC acquired a new stake in Washington Prime Group in the second quarter worth approximately $69,000. Hedge funds and other institutional investors own 86.04% of the company’s stock.
A number of equities research analysts have weighed in on the company. ValuEngine upgraded Washington Prime Group from a “hold” rating to a “buy” rating in a research report on Wednesday. SunTrust Banks set a $4.00 target price on Washington Prime Group and gave the stock a “sell” rating in a research report on Monday, August 26th. Finally, Zacks Investment Research restated a “sell” rating on shares of Washington Prime Group in a research report on Sunday, September 8th. Three research analysts have rated the stock with a sell rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $4.15.
In related news, Director J. Taggart Birge purchased 28,300 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were bought at an average price of $3.53 per share, with a total value of $99,899.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John F. Levy purchased 14,800 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was bought at an average cost of $3.36 per share, for a total transaction of $49,728.00. The disclosure for this purchase can be found here. Insiders acquired 71,350 shares of company stock worth $247,937 in the last ninety days. 0.72% of the stock is owned by corporate insiders.
Shares of NYSE WPG traded down $0.23 during trading on Friday, hitting $3.95. The company had a trading volume of 7,284,151 shares, compared to its average volume of 3,828,017. The company has a market cap of $820.98 million, a P/E ratio of 3.31 and a beta of 0.85. Washington Prime Group Inc has a 52 week low of $3.11 and a 52 week high of $7.52. The business’s 50-day moving average is $3.48 and its 200 day moving average is $4.33. The company has a debt-to-equity ratio of 3.82, a quick ratio of 0.44 and a current ratio of 0.44.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.00 annualized dividend and a dividend yield of 25.32%. Washington Prime Group’s dividend payout ratio is currently 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.
Further Reading: Limitations of the P/E Growth ratio
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