Washington Prime Group (NYSE:WPG) Upgraded to Hold by Truist Securities


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Washington Prime Group (NYSE:WPG) was upgraded by research analysts at Truist Securities from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Benzinga reports.

Other research analysts have also recently issued reports about the stock. Truist raised shares of Washington Prime Group from a “sell” rating to a “hold” rating in a report on Monday, April 5th. Zacks Investment Research raised shares of Washington Prime Group from a “hold” rating to a “strong-buy” rating and set a $3.00 price objective for the company in a report on Thursday, April 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Washington Prime Group currently has a consensus rating of “Hold” and an average price target of $7.00.

Washington Prime Group stock traded up $0.16 during trading hours on Tuesday, hitting $2.23. The stock had a trading volume of 36,685 shares, compared to its average volume of 2,319,204. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 5.66. The stock has a market capitalization of $54.20 million, a P/E ratio of -6.56 and a beta of 1.36. Washington Prime Group has a 12-month low of $1.69 and a 12-month high of $17.55. The stock’s 50-day moving average price is $3.38 and its 200-day moving average price is $6.90.

Washington Prime Group (NYSE:WPG) last issued its earnings results on Monday, March 15th. The real estate investment trust reported ($5.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.07) by ($3.17). Washington Prime Group had a negative return on equity of 7.77% and a negative net margin of 8.92%. On average, research analysts expect that Washington Prime Group will post 0.36 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Washington Prime Group by 31.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 9,469,271 shares of the real estate investment trust’s stock valued at $6,131,000 after purchasing an additional 2,239,613 shares during the last quarter. State Street Corp raised its holdings in shares of Washington Prime Group by 4.8% during the third quarter. State Street Corp now owns 4,493,231 shares of the real estate investment trust’s stock valued at $2,909,000 after purchasing an additional 205,897 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Washington Prime Group by 16.2% during the first quarter. First Trust Advisors LP now owns 386,096 shares of the real estate investment trust’s stock valued at $2,181,000 after purchasing an additional 53,781 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Washington Prime Group by 14.9% during the third quarter. Public Employees Retirement System of Ohio now owns 329,436 shares of the real estate investment trust’s stock valued at $213,000 after purchasing an additional 42,626 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its holdings in Washington Prime Group by 757.9% during the third quarter. UBS Asset Management Americas Inc. now owns 295,439 shares of the real estate investment trust’s stock valued at $191,000 after buying an additional 261,000 shares during the last quarter. 58.87% of the stock is owned by hedge funds and other 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 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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