Washington Prime Group (WPG) Upgraded 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 report released on Saturday.

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. “

WPG remained flat at $$6.15 during trading on Friday. The company’s stock had a trading volume of 2,176,252 shares, compared to its average volume of 1,999,886. The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.65 and a current ratio of 0.65. Washington Prime Group has a one year low of $5.40 and a one year high of $8.44. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of 3.77 and a beta of 0.75.

In other Washington Prime Group news, CEO Louis G. Conforti acquired 13,857 shares of the company’s stock in a transaction on Thursday, September 20th. The shares were bought at an average cost of $7.22 per share, with a total value of $100,047.54. Following the completion of the acquisition, the chief executive officer now owns 155,572 shares in the company, valued at $1,123,229.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Louis G. Conforti acquired 16,286 shares of the company’s stock in a transaction on Thursday, November 15th. The stock was acquired at an average cost of $6.14 per share, for a total transaction of $99,996.04. Following the completion of the acquisition, the chief executive officer now owns 171,858 shares of the company’s stock, valued at approximately $1,055,208.12. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Redpoint Investment Management Pty Ltd acquired a new stake in shares of Washington Prime Group in the third quarter worth approximately $101,000. First Republic Investment Management Inc. acquired a new stake in shares of Washington Prime Group in the second quarter worth approximately $120,000. Wedbush Securities Inc. acquired a new stake in shares of Washington Prime Group in the second quarter worth approximately $130,000. Regent Investment Management LLC boosted its stake in shares of Washington Prime Group by 79.6% in the third quarter. Regent Investment Management LLC now owns 18,049 shares of the real estate investment trust’s stock worth $132,000 after acquiring an additional 8,000 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its stake in shares of Washington Prime Group by 55.6% in the third quarter. Nissay Asset Management Corp Japan ADV now owns 22,450 shares of the real estate investment trust’s stock worth $164,000 after acquiring an additional 8,023 shares during the last quarter. 86.72% of the stock is currently owned by institutional investors.

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.

Further Reading: Stock Symbols and CUSIP Explained

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