Zacks Investment Research Reaffirms Sell Rating for Washington Prime Group (NYSE:WPG)

Zacks Investment Research restated their sell rating on shares of Washington Prime Group (NYSE:WPG) in a research report sent to investors on Sunday 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 equities analysts also recently commented on the stock. SunTrust Banks set a $4.00 price objective on shares of Washington Prime Group and gave the company a sell rating in a research note on Monday, August 26th. ValuEngine raised shares of Washington Prime Group from a strong sell rating to a sell rating in a research note on Friday, August 30th. Four analysts have rated the stock with a sell rating, Washington Prime Group has an average rating of Sell and a consensus target price of $4.15.

Shares of Washington Prime Group stock opened at $4.15 on Friday. The firm has a market capitalization of $709.04 million, a PE ratio of 2.75 and a beta of 0.85. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 3.82. The firm’s 50 day moving average is $3.45 and its 200 day moving average is $4.35. Washington Prime Group has a 1 year low of $3.11 and a 1 year high of $7.56.

The company also recently announced 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 dividend on an annualized basis and a yield of 24.10%. Washington Prime Group’s payout ratio is presently 66.23%.

In other news, Director J. Taggart Birge purchased 28,300 shares of Washington Prime Group stock in a transaction dated Wednesday, June 26th. The shares were bought at an average cost of $3.53 per share, for a total transaction of $99,899.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John F. Levy purchased 14,800 shares of Washington Prime Group stock in a transaction dated Thursday, September 5th. The shares were purchased at an average price 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 valued at $247,937 over the last quarter. Corporate insiders own 0.72% of the company’s stock.

A number of large investors have recently bought and sold shares of WPG. Atria Investments LLC increased its position in Washington Prime Group by 46.9% in the 2nd quarter. Atria Investments LLC now owns 77,890 shares of the real estate investment trust’s stock valued at $261,000 after acquiring an additional 24,865 shares during the period. Mackenzie Financial Corp lifted its holdings in shares of Washington Prime Group by 28.8% during the second quarter. Mackenzie Financial Corp now owns 2,215,430 shares of the real estate investment trust’s stock worth $8,463,000 after purchasing an additional 496,000 shares during the period. Royal Bank of Canada grew its stake in shares of Washington Prime Group by 27.2% in the second quarter. Royal Bank of Canada now owns 138,048 shares of the real estate investment trust’s stock worth $527,000 after purchasing an additional 29,510 shares during the last quarter. Pension Partners LLC bought a new stake in shares of Washington Prime Group in the second quarter worth $362,000. Finally, Nuveen Asset Management LLC grew its stake in shares of Washington Prime Group by 5,290.5% in the second quarter. Nuveen Asset Management LLC now owns 1,019,124 shares of the real estate investment trust’s stock worth $3,892,000 after purchasing an additional 1,000,218 shares during the last quarter. Institutional investors and hedge funds own 86.04% 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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