WP Glimcher Inc. (NYSE:WPG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $13.00 target price on the real estate investment trust’s stock. Zacks Investment Research’s target price would indicate a potential upside of 9.06% from the stock’s current price.
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. “
Separately, Goldman Sachs Group Inc. downgraded shares of WP Glimcher from a “buy” rating to a “neutral” rating in a research note on Friday, July 15th.
Shares of WP Glimcher (NYSE:WPG) traded down 3.10% during mid-day trading on Thursday, hitting $11.55. The stock had a trading volume of 933,217 shares. The firm’s market cap is $2.14 billion. WP Glimcher has a 52-week low of $7.41 and a 52-week high of $14.15. The stock’s 50-day moving average price is $12.86 and its 200-day moving average price is $11.45.
WP Glimcher (NYSE:WPG) last announced its earnings results on Thursday, August 4th. The real estate investment trust reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.05. WP Glimcher had a negative net margin of 6.50% and a negative return on equity of 4.64%. During the same quarter in the previous year, the business posted $0.48 EPS. On average, analysts anticipate that WP Glimcher will post $1.79 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Friday, September 9th were paid a $0.25 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $1.00 annualized dividend and a yield of 8.39%. WP Glimcher’s dividend payout ratio (DPR) is -217.39%.
A number of large investors have recently made changes to their positions in WPG. Heitman Real Estate Securities LLC increased its stake in shares of WP Glimcher by 40.5% in the first quarter. Heitman Real Estate Securities LLC now owns 6,200,356 shares of the real estate investment trust’s stock valued at $58,841,000 after buying an additional 1,785,776 shares during the period. Goldman Sachs Group Inc. increased its stake in WP Glimcher by 18.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,840,186 shares of the real estate investment trust’s stock valued at $83,893,000 after buying an additional 1,359,275 shares during the last quarter. Real Estate Management Services LLC bought a new stake in WP Glimcher during the second quarter valued at approximately $10,013,000. OMERS ADMINISTRATION Corp increased its stake in WP Glimcher by 435.3% in the first quarter. OMERS ADMINISTRATION Corp now owns 74,400 shares of the real estate investment trust’s stock valued at $706,000 after buying an additional 60,500 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in WP Glimcher by 673.8% in the second quarter. State of Alaska Department of Revenue now owns 78,919 shares of the real estate investment trust’s stock valued at $883,000 after buying an additional 68,720 shares during the last quarter. Institutional investors own 92.85% of the company’s stock.
WP Glimcher Company Profile
Washington Prime Group Inc, formerly WP Glimcher Inc, is a real estate investment trust (REIT). The Company is engaged in ownership, development and management of retail real estate properties. Washington Prime Group, L.P. (WPG L.P.) is the Company’s subsidiary that owns, through its affiliates, the Company’s real estate properties and other assets.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for WP Glimcher Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WP Glimcher Inc. and related companies with MarketBeat.com's FREE daily email newsletter.