Washington Prime Group (WPG) Stock Price Down 6.9%

Washington Prime Group Inc (NYSE:WPG) shares were down 6.9% during trading on Thursday . The company traded as low as $6.08 and last traded at $6.10. Approximately 3,923,505 shares traded hands during trading, an increase of 47% from the average daily volume of 2,673,104 shares. The stock had previously closed at $6.55.

Separately, TheStreet cut shares of Washington Prime Group from a “c” rating to a “d+” rating in a research report on Thursday, July 26th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. Washington Prime Group presently has a consensus rating of “Hold” and an average price target of $7.00.

The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.65 and a current ratio of 0.65. The stock has a market cap of $1.28 billion, a P/E ratio of 3.74 and a beta of 0.75.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 16.39%. The ex-dividend date is Friday, November 30th. Washington Prime Group’s payout ratio is currently 61.35%.

In other news, CEO Louis G. Conforti bought 13,857 shares of the business’s stock in a transaction dated Thursday, September 20th. The shares were purchased at an average price of $7.22 per share, for a total transaction of $100,047.54. Following the completion of the acquisition, the chief executive officer now owns 155,572 shares of the company’s stock, valued at $1,123,229.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.41% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of WPG. BlackRock Inc. grew its holdings in shares of Washington Prime Group by 15.7% in the second quarter. BlackRock Inc. now owns 29,478,010 shares of the real estate investment trust’s stock worth $239,065,000 after purchasing an additional 4,009,321 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Washington Prime Group in the third quarter worth approximately $16,072,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Washington Prime Group in the third quarter valued at $11,963,000. NN Investment Partners Holdings N.V. bought a new stake in Washington Prime Group in the third quarter valued at $9,746,000. Finally, Northern Trust Corp boosted its holdings in Washington Prime Group by 15.9% in the second quarter. Northern Trust Corp now owns 4,429,775 shares of the real estate investment trust’s stock valued at $35,924,000 after acquiring an additional 607,560 shares in the last quarter. Hedge funds and other institutional investors own 84.01% of the company’s stock.

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About Washington Prime Group (NYSE:WPG)

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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