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. Zacks Investment Research currently has $13.00 price objective 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. cut 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) opened at 11.48 on Thursday. The firm has a 50-day moving average of $12.67 and a 200 day moving average of $11.52. The company’s market cap is $2.13 billion. WP Glimcher has a 52 week low of $7.41 and a 52 week high of $14.15.
WP Glimcher (NYSE:WPG) last released its earnings results on Thursday, August 4th. The real estate investment trust reported $0.45 EPS for the quarter, topping analysts’ consensus estimates 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 company earned $0.48 earnings per share. Equities analysts expect that WP Glimcher will post $1.79 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Investors of record on Friday, September 9th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $1.00 annualized dividend and a yield of 8.71%. WP Glimcher’s dividend payout ratio is presently -217.39%.
Hedge funds have recently made changes to their positions in the stock. Hancock Holding Co. acquired a new stake in shares of WP Glimcher during the first quarter valued at about $101,000. Creative Planning boosted its stake in shares of WP Glimcher by 411.9% in the second quarter. Creative Planning now owns 9,198 shares of the real estate investment trust’s stock valued at $103,000 after buying an additional 7,401 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of WP Glimcher by 7.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,224 shares of the real estate investment trust’s stock valued at $126,000 after buying an additional 801 shares in the last quarter. Raymond James & Associates boosted its stake in shares of WP Glimcher by 1.1% in the second quarter. Raymond James & Associates now owns 11,494 shares of the real estate investment trust’s stock valued at $129,000 after buying an additional 122 shares in the last quarter. 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 valued at $131,000 after buying an additional 128 shares in the last quarter. 92.85% of the stock is owned by institutional investors.
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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