Washington Prime Group (WPG) Cut to “Sell” at SunTrust Banks

SunTrust Banks lowered shares of Washington Prime Group (NYSE:WPG) from a hold rating to a sell rating in a report released on Tuesday morning, MarketBeat Ratings reports. The firm currently has $5.20 target price on the real estate investment trust’s stock. SunTrust Banks also issued estimates for Washington Prime Group’s FY2019 earnings at $1.31 EPS, FY2021 earnings at $1.21 EPS, FY2022 earnings at $1.18 EPS and FY2023 earnings at $1.15 EPS.

Several other equities research analysts have also commented on WPG. Goldman Sachs Group lowered Washington Prime Group from a neutral rating to a sell rating and reduced their price objective for the stock from $6.60 to $4.30 in a research note on Tuesday, December 18th. Zacks Investment Research upgraded shares of Washington Prime Group from a sell rating to a hold rating in a research note on Saturday, December 8th. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. The company presently has an average rating of Sell and an average price target of $5.17.

NYSE:WPG opened at $5.33 on Tuesday. The firm has a market cap of $976.89 million, a PE ratio of 3.27 and a beta of 0.99. The company has a quick ratio of 0.65, a current ratio of 0.65 and a debt-to-equity ratio of 3.26. Washington Prime Group has a fifty-two week low of $4.63 and a fifty-two week high of $8.44.

In other news, Director Robert J. Laikin acquired 49,200 shares of the company’s stock in a transaction that occurred on Tuesday, December 11th. The shares were purchased at an average price of $6.09 per share, for a total transaction of $299,628.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Louis G. Conforti bought 16,286 shares of the stock in a transaction dated Thursday, November 15th. The stock was acquired at an average price of $6.14 per share, with a total value of $99,996.04. Following the completion of the purchase, the chief executive officer now owns 171,858 shares of the company’s stock, valued at approximately $1,055,208.12. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 111,233 shares of company stock worth $620,417. 0.41% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. State of Alaska Department of Revenue increased its holdings in Washington Prime Group by 1.6% during the 4th quarter. State of Alaska Department of Revenue now owns 123,131 shares of the real estate investment trust’s stock valued at $597,000 after purchasing an additional 1,997 shares during the period. Regent Investment Management LLC lifted its position in Washington Prime Group by 79.6% during the third quarter. Regent Investment Management LLC now owns 18,049 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 8,000 shares during the period. Nissay Asset Management Corp Japan ADV grew its stake in Washington Prime Group by 55.6% during the 3rd quarter. Nissay Asset Management Corp Japan ADV now owns 22,450 shares of the real estate investment trust’s stock valued at $164,000 after acquiring an additional 8,023 shares in the last quarter. LSV Asset Management grew its position in shares of Washington Prime Group by 0.5% in the 3rd quarter. LSV Asset Management now owns 1,923,945 shares of the real estate investment trust’s stock valued at $14,044,000 after buying an additional 8,700 shares during the last quarter. Finally, Teachers Advisors LLC lifted its stake in shares of Washington Prime Group by 1.4% in the third quarter. Teachers Advisors LLC now owns 837,294 shares of the real estate investment trust’s stock valued at $6,112,000 after purchasing an additional 11,326 shares during the period. Institutional investors and hedge funds own 86.69% 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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