Washington Prime Group (NYSE:WPG) Downgraded by ValuEngine to “Strong Sell”

ValuEngine downgraded shares of Washington Prime Group (NYSE:WPG) from a sell rating to a strong sell rating in a research report released on Friday, ValuEngine reports.

Separately, Zacks Investment Research upgraded shares of Washington Prime Group from a strong 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 issued a hold rating to the company. The company currently has an average rating of Sell and an average target price of $4.75.

WPG stock traded up $0.08 during trading on Friday, hitting $3.28. The company had a trading volume of 4,351,700 shares, compared to its average volume of 3,331,194. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 3.82. The firm has a 50-day moving average price of $3.62 and a 200-day moving average price of $4.61. Washington Prime Group has a 12 month low of $3.12 and a 12 month high of $8.12. The stock has a market cap of $610.14 million, a price-to-earnings ratio of 2.17 and a beta of 0.86.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 30.49%. The ex-dividend date is Friday, August 30th. Washington Prime Group’s dividend payout ratio is presently 66.23%.

In other Washington Prime Group news, Director J. Taggart Birge bought 28,300 shares of the stock in a transaction on Wednesday, June 26th. The stock was purchased at an average price of $3.53 per share, with a total value of $99,899.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Louis G. Conforti bought 28,250 shares of the stock in a transaction on Wednesday, June 26th. The shares were acquired at an average cost of $3.48 per share, with a total value of $98,310.00. Following the acquisition, the chief executive officer now directly owns 349,438 shares in the company, valued at approximately $1,216,044.24. The disclosure for this purchase can be found here. 0.72% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WPG. Tower Research Capital LLC TRC acquired a new stake in Washington Prime Group during the 2nd quarter worth $25,000. Parallel Advisors LLC acquired a new position in shares of Washington Prime Group in the 1st quarter valued at $31,000. Bank of Montreal Can grew its holdings in shares of Washington Prime Group by 97.1% in the 1st quarter. Bank of Montreal Can now owns 7,396 shares of the real estate investment trust’s stock valued at $42,000 after buying an additional 3,643 shares during the period. Quantamental Technologies LLC acquired a new position in shares of Washington Prime Group in the 1st quarter valued at $48,000. Finally, Oppenheimer & Co. Inc. acquired a new position in shares of Washington Prime Group in the 2nd quarter valued at $48,000. 85.06% of the stock is owned by hedge funds and other institutional investors.

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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