Washington Prime Group (NYSE:WPG) Cut to Sell at Zacks Investment Research

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Zacks Investment Research cut shares of Washington Prime Group (NYSE:WPG) from a hold rating to a sell rating in a report released on Saturday morning, Zacks.com reports.

According to Zacks, “Washington Prime Group Inc. is a retail REIT. The company is engaged in the ownership, management, acquisition and development of retail properties. Washington Prime Group Inc., formerly known as WP Glimcher Inc., is based in COLUMBUS, United States. “

A number of other analysts have also commented on the company. SunTrust Banks dropped their price target on Washington Prime Group from $3.50 to $1.00 and set a sell rating for the company in a research note on Friday, April 24th. Compass Point started coverage on Washington Prime Group in a research note on Thursday, June 4th. They issued a neutral rating and a $1.00 price target for the company. Finally, ValuEngine raised Washington Prime Group from a strong sell rating to a sell rating in a research note on Tuesday, June 23rd.

NYSE:WPG opened at $0.84 on Friday. The firm has a market cap of $156.37 million, a PE ratio of 0.71 and a beta of 1.46. Washington Prime Group has a fifty-two week low of $0.56 and a fifty-two week high of $4.69. The company has a debt-to-equity ratio of 4.70, a quick ratio of 0.50 and a current ratio of 0.50. The business has a 50 day moving average price of $0.85 and a 200-day moving average price of $1.94.

Washington Prime Group (NYSE:WPG) last released its quarterly earnings data on Thursday, May 7th. The real estate investment trust reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.09. The firm had revenue of $152.60 million during the quarter, compared to analyst estimates of $161.50 million. Washington Prime Group had a return on equity of 1.77% and a net margin of 1.99%. Research analysts predict that Washington Prime Group will post 0.71 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Forsta AP Fonden raised its holdings in Washington Prime Group by 8.4% in the fourth quarter. Forsta AP Fonden now owns 52,700 shares of the real estate investment trust’s stock worth $192,000 after purchasing an additional 4,100 shares in the last quarter. ProShare Advisors LLC raised its holdings in Washington Prime Group by 16.8% in the fourth quarter. ProShare Advisors LLC now owns 30,628 shares of the real estate investment trust’s stock worth $111,000 after purchasing an additional 4,412 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Washington Prime Group by 15.1% in the fourth quarter. Victory Capital Management Inc. now owns 38,665 shares of the real estate investment trust’s stock worth $141,000 after purchasing an additional 5,084 shares in the last quarter. Atria Investments LLC raised its holdings in Washington Prime Group by 8.0% in the fourth quarter. Atria Investments LLC now owns 84,983 shares of the real estate investment trust’s stock worth $309,000 after purchasing an additional 6,329 shares in the last quarter. Finally, Utah Retirement Systems raised its holdings in Washington Prime Group by 8.6% in the fourth quarter. Utah Retirement Systems now owns 93,400 shares of the real estate investment trust’s stock worth $340,000 after purchasing an additional 7,400 shares in the last quarter. Institutional investors and hedge funds own 70.09% of the company’s stock.

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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