Washington Prime Group (NYSE:WPG) Shares Down 5.4%

Share on StockTwits

Shares of Washington Prime Group Inc (NYSE:WPG) were down 5.4% on Friday . The stock traded as low as $3.23 and last traded at $3.36, approximately 7,980,256 shares traded hands during mid-day trading. An increase of 191% from the average daily volume of 2,739,146 shares. The stock had previously closed at $3.55.

Several research analysts recently weighed in on WPG shares. ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Zacks Investment Research upgraded shares of Investors Real Estate Trust Reit from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Three analysts have rated the stock with a sell rating and one has given a hold rating to the stock. Washington Prime Group has an average rating of “Sell” and an average price target of $4.75.

The company has a debt-to-equity ratio of 3.40, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a 50-day moving average of $3.89. The company has a market cap of $663.94 million, a P/E ratio of 2.23 and a beta of 0.85.

Washington Prime Group (NYSE:WPG) last posted its quarterly earnings data on Wednesday, April 24th. The real estate investment trust reported ($0.03) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.32). The company had revenue of $168.82 million during the quarter, compared to the consensus estimate of $169.27 million. Washington Prime Group had a return on equity of 7.53% and a net margin of 9.96%. The firm’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same quarter last year, the company posted $0.39 earnings per share. Analysts expect that Washington Prime Group Inc will post 1.21 EPS for the current fiscal year.

In other Washington Prime Group news, Director J. Taggart Birge purchased 28,300 shares of Washington Prime Group 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Louis G. Conforti purchased 22,500 shares of Washington Prime Group stock in a transaction on Wednesday, May 1st. The shares were acquired at an average price of $4.55 per share, for a total transaction of $102,375.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 79,050 shares of company stock worth $300,584. 0.72% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nomura Asset Management Co. Ltd. grew its position in Washington Prime Group by 1.9% during the first quarter. Nomura Asset Management Co. Ltd. now owns 123,200 shares of the real estate investment trust’s stock valued at $696,000 after acquiring an additional 2,300 shares during the last quarter. American Asset Management Inc. boosted its stake in shares of Washington Prime Group by 20.0% during the first quarter. American Asset Management Inc. now owns 14,400 shares of the real estate investment trust’s stock valued at $81,000 after purchasing an additional 2,400 shares during the period. LPL Financial LLC boosted its stake in shares of Washington Prime Group by 4.2% during the fourth quarter. LPL Financial LLC now owns 59,643 shares of the real estate investment trust’s stock valued at $290,000 after purchasing an additional 2,403 shares during the period. Sheaff Brock Investment Advisors LLC boosted its stake in shares of Washington Prime Group by 24.2% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 15,399 shares of the real estate investment trust’s stock valued at $87,000 after purchasing an additional 3,000 shares during the period. Finally, Piedmont Investment Advisors Inc. boosted its stake in shares of Washington Prime Group by 6.9% during the first quarter. Piedmont Investment Advisors Inc. now owns 47,799 shares of the real estate investment trust’s stock valued at $270,000 after purchasing an additional 3,102 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

About Washington Prime Group (NYSE:WPG)

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: What is diluted earnings per share (Diluted EPS)?

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.