Washington Prime Group Inc. (WPG) Shares Bought by State Treasurer State of Michigan

State Treasurer State of Michigan raised its stake in Washington Prime Group Inc. (NYSE:WPG) by 1.5% during the second quarter, Holdings Channel reports. The firm owned 76,421 shares of the real estate investment trust’s stock after buying an additional 1,100 shares during the period. State Treasurer State of Michigan’s holdings in Washington Prime Group were worth $640,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of WPG. Teza Capital Management LLC acquired a new position in Washington Prime Group during the first quarter valued at $103,000. Creative Planning raised its position in Washington Prime Group by 26.9% in the second quarter. Creative Planning now owns 12,772 shares of the real estate investment trust’s stock valued at $107,000 after buying an additional 2,710 shares during the period. Wedbush Securities Inc. acquired a new position in Washington Prime Group during the first quarter valued at $108,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Washington Prime Group by 9.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,580 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 1,137 shares during the period. Finally, Spectrum Management Group Inc. acquired a new position in Washington Prime Group during the first quarter valued at $114,000. 92.46% of the stock is owned by hedge funds and other institutional investors.

Washington Prime Group Inc. (NYSE:WPG) traded down 3.61% on Thursday, hitting $8.80. The stock had a trading volume of 856,078 shares. The company has a market cap of $1.63 billion, a P/E ratio of 9.57 and a beta of 0.95. The stock’s 50-day moving average is $8.71 and its 200-day moving average is $8.69. Washington Prime Group Inc. has a 52-week low of $7.31 and a 52-week high of $14.15.

Washington Prime Group (NYSE:WPG) last released its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.06. Washington Prime Group had a net margin of 22.65% and a return on equity of 17.36%. The company had revenue of $189.17 million during the quarter, compared to the consensus estimate of $197.69 million. During the same period in the prior year, the firm earned $0.45 earnings per share. Washington Prime Group’s revenue was down 8.1% on a year-over-year basis. Analysts expect that Washington Prime Group Inc. will post $1.05 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 10.95%. The ex-dividend date is Wednesday, August 30th. Washington Prime Group’s payout ratio is currently 108.70%.

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Several research analysts have recently weighed in on the company. BidaskClub raised Washington Prime Group from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Boenning Scattergood reissued a “hold” rating on shares of Washington Prime Group in a research report on Friday, July 28th. Zacks Investment Research raised Washington Prime Group from a “hold” rating to a “buy” rating and set a $9.25 price objective for the company in a research report on Wednesday, May 10th. ValuEngine lowered Washington Prime Group from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Finally, TheStreet raised Washington Prime Group from a “d+” rating to a “c” rating in a research report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $9.25.

About Washington Prime Group

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.

Want to see what other hedge funds are holding WPG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Washington Prime Group Inc. (NYSE:WPG).

Institutional Ownership by Quarter for Washington Prime Group (NYSE:WPG)

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