Washington Prime Group (WPG) Upgraded by Zacks Investment Research to Hold

Washington Prime Group (NYSE:WPG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors 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. “

Washington Prime Group stock remained flat at $$6.15 during trading on Friday. The company had a trading volume of 2,176,252 shares, compared to its average volume of 1,999,886. Washington Prime Group has a 52-week low of $5.40 and a 52-week high of $8.44. The stock has a market capitalization of $1.14 billion, a P/E ratio of 3.77 and a beta of 0.75. The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.65 and a current ratio of 0.65.

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

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its position in Washington Prime Group by 7.6% in the third quarter. BlackRock Inc. now owns 31,722,293 shares of the real estate investment trust’s stock valued at $231,572,000 after purchasing an additional 2,244,283 shares during the period. Morgan Stanley raised its position in Washington Prime Group by 0.7% in the second quarter. Morgan Stanley now owns 6,123,573 shares of the real estate investment trust’s stock valued at $49,663,000 after purchasing an additional 43,517 shares during the period. Private Management Group Inc. raised its position in Washington Prime Group by 0.5% in the second quarter. Private Management Group Inc. now owns 5,040,381 shares of the real estate investment trust’s stock valued at $40,877,000 after purchasing an additional 22,831 shares during the period. Northern Trust Corp raised its position in Washington Prime Group by 15.9% in the second quarter. Northern Trust Corp now owns 4,429,775 shares of the real estate investment trust’s stock valued at $35,924,000 after purchasing an additional 607,560 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Washington Prime Group by 2.4% in the third quarter. Bank of New York Mellon Corp now owns 4,115,930 shares of the real estate investment trust’s stock valued at $30,047,000 after purchasing an additional 94,779 shares during the period. Institutional investors own 86.72% of the company’s stock.

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.

See Also: Treasury Bonds

Get a free copy of the Zacks research report on Washington Prime Group (WPG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Washington Prime Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Washington Prime Group and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit