Zacks Investment Research downgraded shares of Washington Prime Group (NYSE:WPG) from a hold rating to a sell rating in a research note published on Saturday morning, Zacks.com reports.
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. “
Several other research firms also recently weighed in on WPG. SunTrust Banks cut their target price on Washington Prime Group from $3.50 to $1.00 and set a sell rating on the stock in a research report on Friday, April 24th. ValuEngine raised Washington Prime Group from a strong sell rating to a sell rating in a research report on Tuesday, June 23rd. Finally, Compass Point began coverage on Washington Prime Group in a research report on Thursday, June 4th. They set a neutral rating and a $1.00 target price on the stock.
NYSE:WPG opened at $0.84 on Friday. The company has a market cap of $156.37 million, a price-to-earnings ratio of 0.71 and a beta of 1.46. The company has a debt-to-equity ratio of 4.70, a current ratio of 0.50 and a quick ratio of 0.50. The stock’s 50 day simple moving average is $0.85 and its two-hundred day simple moving average is $1.94. Washington Prime Group has a 1 year low of $0.56 and a 1 year high of $4.69.
Washington Prime Group (NYSE:WPG) last released its earnings results on Thursday, May 7th. The real estate investment trust reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.07) by $0.09. The firm had revenue of $152.60 million for the quarter, compared to the consensus estimate of $161.50 million. Washington Prime Group had a return on equity of 1.77% and a net margin of 1.99%. As a group, analysts anticipate that Washington Prime Group will post 0.71 EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of WPG. Norges Bank purchased a new position in Washington Prime Group during the 4th quarter valued at $9,119,000. Russell Investments Group Ltd. boosted its holdings in Washington Prime Group by 794.8% during the 1st quarter. Russell Investments Group Ltd. now owns 993,144 shares of the real estate investment trust’s stock valued at $799,000 after acquiring an additional 882,154 shares during the period. Alliancebernstein L.P. boosted its holdings in Washington Prime Group by 27.7% during the 4th quarter. Alliancebernstein L.P. now owns 2,404,373 shares of the real estate investment trust’s stock valued at $8,752,000 after acquiring an additional 521,790 shares during the period. Virtus ETF Advisers LLC purchased a new stake in shares of Washington Prime Group in the 1st quarter worth $364,000. Finally, Wolverine Asset Management LLC lifted its holdings in shares of Washington Prime Group by 151.5% in the 1st quarter. Wolverine Asset Management LLC now owns 706,787 shares of the real estate investment trust’s stock worth $569,000 after buying an additional 425,770 shares during the period. Institutional investors own 70.09% of the company’s stock.
Washington Prime Group Company Profile
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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