Convergence Investment Partners LLC Purchases 205,727 Shares of Washington Prime Group Inc. (WPG)

Convergence Investment Partners LLC grew its holdings in Washington Prime Group Inc. (NYSE:WPG) by 146.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 346,006 shares of the real estate investment trust’s stock after acquiring an additional 205,727 shares during the period. Convergence Investment Partners LLC owned about 0.19% of Washington Prime Group worth $2,882,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in WPG. Bank of New York Mellon Corp lifted its holdings in Washington Prime Group by 42.3% during the second quarter. Bank of New York Mellon Corp now owns 6,413,013 shares of the real estate investment trust’s stock valued at $53,677,000 after purchasing an additional 1,907,079 shares in the last quarter. FMR LLC lifted its holdings in Washington Prime Group by 51.3% during the second quarter. FMR LLC now owns 5,470,935 shares of the real estate investment trust’s stock valued at $45,792,000 after purchasing an additional 1,854,721 shares in the last quarter. Private Management Group Inc. purchased a new position in Washington Prime Group during the second quarter valued at $9,928,000. American Century Companies Inc. lifted its holdings in Washington Prime Group by 128.8% during the second quarter. American Century Companies Inc. now owns 1,948,284 shares of the real estate investment trust’s stock valued at $16,307,000 after purchasing an additional 1,096,607 shares in the last quarter. Finally, Fairholme Capital Management LLC raised its position in shares of Washington Prime Group by 291.0% in the second quarter. Fairholme Capital Management LLC now owns 1,331,300 shares of the real estate investment trust’s stock valued at $11,143,000 after buying an additional 990,800 shares during the last quarter. 89.86% of the stock is currently owned by institutional investors and hedge funds.

Shares of Washington Prime Group Inc. (NYSE WPG) traded up $0.17 on Thursday, hitting $7.02. 2,574,100 shares of the company’s stock were exchanged, compared to its average volume of 2,488,422. Washington Prime Group Inc. has a 1-year low of $6.62 and a 1-year high of $10.97. The firm has a market capitalization of $1,300.00, a PE ratio of 4.10 and a beta of 0.89. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.34.

Washington Prime Group (NYSE:WPG) last announced its quarterly earnings results on Wednesday, October 25th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). Washington Prime Group had a net margin of 21.85% and a return on equity of 16.17%. The company had revenue of $179.32 million for the quarter, compared to analyst estimates of $188.54 million. During the same quarter in the prior year, the business earned $0.46 earnings per share. Washington Prime Group’s revenue was down 14.6% on a year-over-year basis. equities analysts forecast that Washington Prime Group Inc. will post 1.63 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 14.25%. The ex-dividend date of this dividend is Thursday, November 30th. Washington Prime Group’s payout ratio is 138.89%.

WPG has been the subject of a number of recent research reports. ValuEngine upgraded shares of Washington Prime Group from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research cut shares of Washington Prime Group from a “hold” rating to a “sell” rating in a research report on Tuesday, October 31st. BidaskClub cut shares of Washington Prime Group from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. Finally, Boenning Scattergood restated a “sell” rating on shares of Washington Prime Group in a research report on Friday, October 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold”.

TRADEMARK VIOLATION WARNING: “Convergence Investment Partners LLC Purchases 205,727 Shares of Washington Prime Group Inc. (WPG)” was originally reported by Week Herald and is owned by of Week Herald. If you are viewing this article on another publication, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this article can be viewed at https://weekherald.com/2017/12/14/convergence-investment-partners-llc-has-2-88-million-holdings-in-washington-prime-group-inc-wpg.html.

About Washington Prime Group

Washington Prime Group Inc (WPG Inc), formerly WP Glimcher Inc, operates as a self-administered and self-managed real estate investment trust (REIT). The Company’s primary business is the ownership, development and management of retail real estate within the United States. The Company owns, develops and manages enclosed retail properties and community centers.

Institutional Ownership by Quarter for Washington Prime Group (NYSE:WPG)

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.

Leave a Reply