WP Glimcher Inc. (WPG) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of WP Glimcher Inc. (NYSE:WPG) from a hold rating to a buy rating in a research note published on Thursday. The brokerage currently has $13.00 price target on the real estate investment trust’s stock.
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. lowered WP Glimcher from a buy rating to a neutral rating in a research report on Friday, July 15th.
WP Glimcher (NYSE:WPG) traded down 0.09% on Thursday, hitting $11.59. The stock had a trading volume of 689,830 shares. The stock’s market capitalization is $2.15 billion. The company has a 50-day moving average price of $12.82 and a 200-day moving average price of $11.45. WP Glimcher has a 52 week low of $7.41 and a 52 week high of $14.15.
WP Glimcher (NYSE:WPG) last announced its quarterly earnings results on Thursday, August 4th. The real estate investment trust reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.05. WP Glimcher had a negative return on equity of 4.64% and a negative net margin of 6.50%. During the same period in the previous year, the business posted $0.48 earnings per share. Equities research analysts anticipate that WP Glimcher will post $1.79 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Friday, September 9th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 8.62%. The ex-dividend date of this dividend was Wednesday, September 7th. WP Glimcher’s dividend payout ratio (DPR) is presently -217.39%.
A number of large investors have recently made changes to their positions in WPG. Kempen Capital Management N.V. boosted its stake in shares of WP Glimcher by 22.7% in the first quarter. Kempen Capital Management N.V. now owns 193,208 shares of the real estate investment trust’s stock worth $1,833,000 after buying an additional 35,775 shares during the period. OMERS ADMINISTRATION Corp boosted its stake in shares of 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 worth $706,000 after buying an additional 60,500 shares during the period. Brookfield Asset Management Inc. boosted its stake in shares of WP Glimcher by 7.5% in the first quarter. Brookfield Asset Management Inc. now owns 6,315,542 shares of the real estate investment trust’s stock worth $59,934,000 after buying an additional 439,634 shares during the period. NN Investment Partners Holdings N.V. acquired a new stake in shares of WP Glimcher during the first quarter worth $350,000. Finally, BlackRock Japan Co. Ltd boosted its stake in shares of WP Glimcher by 0.9% in the first quarter. BlackRock Japan Co. Ltd now owns 13,841 shares of the real estate investment trust’s stock worth $131,000 after buying an additional 128 shares during the period. Institutional investors and hedge funds 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.
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