Comerica Bank Raises Position in Washington Prime Group Inc. (WPG)
Comerica Bank increased its stake in shares of Washington Prime Group Inc. (NYSE:WPG) by 4.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 142,576 shares of the real estate investment trust’s stock after buying an additional 6,204 shares during the period. Comerica Bank owned about 0.08% of Washington Prime Group worth $1,275,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Washington Prime Group during the fourth quarter valued at about $19,388,000. Bank of New York Mellon Corp raised its stake in Washington Prime Group by 39.3% in the first quarter. Bank of New York Mellon Corp now owns 4,505,934 shares of the real estate investment trust’s stock worth $39,156,000 after buying an additional 1,271,837 shares during the last quarter. Brookfield Asset Management Inc. raised its stake in Washington Prime Group by 24.5% in the fourth quarter. Brookfield Asset Management Inc. now owns 4,745,048 shares of the real estate investment trust’s stock worth $49,396,000 after buying an additional 932,520 shares during the last quarter. American Century Companies Inc. acquired a new stake in Washington Prime Group during the first quarter worth $7,401,000. Finally, LSV Asset Management raised its stake in Washington Prime Group by 31.3% in the first quarter. LSV Asset Management now owns 1,859,745 shares of the real estate investment trust’s stock worth $16,161,000 after buying an additional 442,939 shares during the last quarter. 89.84% of the stock is currently owned by institutional investors.
Shares of Washington Prime Group Inc. (NYSE WPG) opened at 8.14 on Friday. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 28.07 and a beta of 0.93. The firm’s 50-day moving average is $8.09 and its 200-day moving average is $9.11. Washington Prime Group Inc. has a 12-month low of $7.31 and a 12-month high of $14.15.
Washington Prime Group (NYSE:WPG) last issued its quarterly earnings results on Wednesday, April 26th. The real estate investment trust reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. Washington Prime Group had a net margin of 8.13% and a return on equity of 6.36%. The business had revenue of $202.39 million for the quarter, compared to analysts’ expectations of $198.72 million. During the same period last year, the business earned $0.42 earnings per share. The business’s quarterly revenue was down 3.6% on a year-over-year basis. On average, equities analysts predict that Washington Prime Group Inc. will post $1.05 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 12.29%. The ex-dividend date of this dividend was Tuesday, May 30th. Washington Prime Group’s payout ratio is currently 500.00%.
A number of research firms have weighed in on WPG. Zacks Investment Research raised shares of Washington Prime Group from a “hold” rating to a “buy” rating and set a $9.25 target price on the stock in a report on Wednesday, May 10th. ValuEngine lowered shares of Washington Prime Group from a “buy” rating to a “hold” rating in a report on Tuesday, June 6th.
In other Washington Prime Group news, CEO Louis G. Conforti purchased 28,700 shares of Washington Prime Group stock in a transaction on Friday, March 31st. The shares were acquired at an average cost of $8.68 per share, for a total transaction of $249,116.00. Following the completion of the transaction, the chief executive officer now directly owns 28,700 shares of the company’s stock, valued at $249,116. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, EVP Robert P. Demchak purchased 6,140 shares of Washington Prime Group stock in a transaction on Monday, March 27th. The shares were acquired at an average price of $8.15 per share, for a total transaction of $50,041.00. Following the completion of the transaction, the executive vice president now directly owns 7,205 shares of the company’s stock, valued at $58,720.75. The disclosure for this purchase can be found here. Insiders have acquired 53,084 shares of company stock worth $449,180 over the last quarter. Company insiders own 0.28% of the company’s stock.
Washington Prime Group Company Profile
Washington Prime Group Inc (WPG Inc), formerly WP Glimcher Inc, operates as a self-administered and self-managed real estate investment trust (REIT). The Company’s primary business is the ownership, development and management of retail real estate within the United States. The Company owns, develops and manages enclosed retail properties and community centers.
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