Washington Prime Group Inc (NYSE:WPG) – Equities researchers at SunTrust Banks lowered their Q2 2019 earnings per share estimates for Washington Prime Group in a research report issued on Monday, June 10th. SunTrust Banks analyst K. Kim now anticipates that the real estate investment trust will earn $0.28 per share for the quarter, down from their previous forecast of $0.29. SunTrust Banks also issued estimates for Washington Prime Group’s Q4 2019 earnings at $0.33 EPS, FY2022 earnings at $1.04 EPS and FY2023 earnings at $0.98 EPS.
Washington Prime Group (NYSE:WPG) last posted its earnings results on Wednesday, April 24th. The real estate investment trust reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.32). Washington Prime Group had a return on equity of 7.53% and a net margin of 9.96%. The firm had revenue of $168.82 million for the quarter, compared to analysts’ expectations of $169.27 million. During the same quarter last year, the company posted $0.39 EPS. The firm’s revenue was down 4.6% on a year-over-year basis.
WPG stock opened at $4.16 on Wednesday. Washington Prime Group has a fifty-two week low of $3.80 and a fifty-two week high of $8.44. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 3.40. The company has a market cap of $793.76 million, a price-to-earnings ratio of 2.75 and a beta of 0.94.
A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in Washington Prime Group by 1.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,103,033 shares of the real estate investment trust’s stock valued at $15,351,000 after acquiring an additional 27,681 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Washington Prime Group by 6.2% during the 4th quarter. Arizona State Retirement System now owns 286,552 shares of the real estate investment trust’s stock worth $1,393,000 after purchasing an additional 16,662 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Washington Prime Group by 2.4% during the 4th quarter. Advisors Asset Management Inc. now owns 3,102,466 shares of the real estate investment trust’s stock worth $15,078,000 after purchasing an additional 73,150 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Washington Prime Group by 17.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 38,822 shares of the real estate investment trust’s stock worth $189,000 after buying an additional 5,880 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Washington Prime Group by 18.3% during the 4th quarter. Rhumbline Advisers now owns 586,014 shares of the real estate investment trust’s stock worth $2,848,000 after buying an additional 90,772 shares during the last quarter. Institutional investors and hedge funds own 84.62% of the company’s stock.
In other news, CEO Louis G. Conforti purchased 22,500 shares of the stock in a transaction dated Wednesday, May 1st. The shares were purchased at an average cost of $4.55 per share, with a total value of $102,375.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Monday, June 3rd will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.00 annualized dividend and a yield of 24.04%. Washington Prime Group’s dividend payout ratio (DPR) is presently 66.23%.
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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