Washington Prime Group (NYSE:WPG) Stock Rating Reaffirmed by Zacks Investment Research

Zacks Investment Research reissued their sell rating on shares of Washington Prime Group (NYSE:WPG) in a research report released 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. “

WPG has been the topic of several other research reports. ValuEngine raised shares of Washington Prime Group from a strong sell rating to a sell rating in a research report on Friday, August 30th. SunTrust Banks set a $4.00 price target on Washington Prime Group and gave the company a sell rating in a research note on Monday, August 26th. Four research analysts have rated the stock with a sell rating, The company currently has a consensus rating of Sell and a consensus target price of $4.15.

NYSE:WPG opened at $4.15 on Friday. The company has a debt-to-equity ratio of 3.82, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a 50-day moving average of $3.45 and a 200-day moving average of $4.35. The company has a market cap of $709.04 million, a PE ratio of 2.75 and a beta of 0.85. Washington Prime Group has a one year low of $3.11 and a one year high of $7.56.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.00 annualized dividend and a yield of 24.10%. Washington Prime Group’s dividend payout ratio (DPR) is currently 66.23%.

In related news, Director J. Taggart Birge acquired 28,300 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were acquired at an average cost of $3.53 per share, for a total transaction of $99,899.00. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Louis G. Conforti acquired 28,250 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were bought at an average price of $3.48 per share, for a total transaction of $98,310.00. Following the completion of the purchase, the chief executive officer now owns 349,438 shares in the company, valued at approximately $1,216,044.24. The disclosure for this purchase can be found here. Insiders have purchased 71,350 shares of company stock valued at $247,937 in the last quarter. 0.72% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in Washington Prime Group by 0.3% during the second quarter. BlackRock Inc. now owns 32,112,628 shares of the real estate investment trust’s stock worth $122,670,000 after purchasing an additional 87,162 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Washington Prime Group by 40.7% in the 2nd quarter. Invesco Ltd. now owns 7,342,716 shares of the real estate investment trust’s stock worth $28,049,000 after buying an additional 2,122,979 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Washington Prime Group by 3.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,513,626 shares of the real estate investment trust’s stock worth $17,243,000 after buying an additional 165,258 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Washington Prime Group by 1.6% in the second quarter. Northern Trust Corp now owns 4,222,638 shares of the real estate investment trust’s stock valued at $16,130,000 after acquiring an additional 65,908 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Washington Prime Group by 10.2% in the second quarter. Morgan Stanley now owns 4,204,593 shares of the real estate investment trust’s stock valued at $16,062,000 after acquiring an additional 388,332 shares in the last quarter. Institutional investors own 86.04% 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.

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