JPMorgan Chase & Co. lowered its stake in Washington Prime Group Inc (NYSE:WPG) by 19.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,170,976 shares of the real estate investment trust’s stock after selling 276,230 shares during the quarter. JPMorgan Chase & Co.’s holdings in Washington Prime Group were worth $6,616,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of WPG. Athena Capital Advisors LLC acquired a new position in shares of Washington Prime Group in the 1st quarter valued at approximately $1,369,000. LSV Asset Management increased its holdings in shares of Washington Prime Group by 17.8% in the 1st quarter. LSV Asset Management now owns 2,360,944 shares of the real estate investment trust’s stock valued at $13,339,000 after acquiring an additional 356,899 shares during the last quarter. KG&L Capital Management LLC increased its holdings in shares of Washington Prime Group by 6.9% in the 1st quarter. KG&L Capital Management LLC now owns 161,140 shares of the real estate investment trust’s stock valued at $912,000 after acquiring an additional 10,450 shares during the last quarter. First Allied Advisory Services Inc. grew its stake in Washington Prime Group by 15.5% during the 1st quarter. First Allied Advisory Services Inc. now owns 23,277 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 3,131 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV grew its stake in shares of Washington Prime Group by 41.4% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 31,734 shares of the real estate investment trust’s stock worth $179,000 after purchasing an additional 9,284 shares in the last quarter. 84.62% of the stock is currently owned by institutional investors.
Shares of NYSE:WPG opened at $4.20 on Thursday. Washington Prime Group Inc has a twelve month low of $3.80 and a twelve month high of $8.44. The company has a market cap of $775.82 million, a P/E ratio of 2.78 and a beta of 0.94. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 3.40.
Washington Prime Group (NYSE:WPG) last announced its earnings results on Wednesday, April 24th. The real estate investment trust reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.32). Washington Prime Group had a net margin of 9.96% and a return on equity of 7.53%. The business had revenue of $168.82 million for the quarter, compared to the consensus estimate of $169.27 million. During the same quarter in the previous year, the company earned $0.39 EPS. Washington Prime Group’s revenue for the quarter was down 4.6% compared to the same quarter last year. On average, equities research analysts forecast that Washington Prime Group Inc will post 1.2 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders 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 dividend on an annualized basis and a dividend yield of 23.81%. Washington Prime Group’s dividend payout ratio is currently 66.23%.
Several brokerages recently issued reports on WPG. TheStreet raised Washington Prime Group from a “d+” rating to a “c” rating in a research note on Thursday, March 7th. Zacks Investment Research raised Washington Prime Group from a “sell” rating to a “hold” rating in a research report on Wednesday, March 13th. Finally, ValuEngine raised Washington Prime Group from a “sell” rating to a “hold” rating in a research report on Thursday, April 18th. Three analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. The company currently has a consensus rating of “Sell” and an average price target of $4.75.
In related news, CEO Louis G. Conforti bought 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average price of $4.55 per share, for a total transaction of $102,375.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 0.72% of the stock is currently owned by company insiders.
Washington Prime Group Company Profile
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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