ClariVest Asset Management LLC Has $12.75 Million Stake in Washington Prime Group Inc. (WPG)
ClariVest Asset Management LLC increased its stake in Washington Prime Group Inc. (NYSE:WPG) by 17.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,522,951 shares of the real estate investment trust’s stock after buying an additional 225,673 shares during the period. ClariVest Asset Management LLC’s holdings in Washington Prime Group were worth $12,747,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the company. Teza Capital Management LLC bought a new stake in Washington Prime Group during the first quarter valued at about $103,000. Creative Planning raised its stake 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 last quarter. Wedbush Securities Inc. bought a new stake in Washington Prime Group during the first quarter valued at about $108,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake 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 last quarter. Finally, Spectrum Management Group Inc. bought a new stake in Washington Prime Group during the first quarter valued at about $114,000. Institutional investors and hedge funds own 92.46% of the company’s stock.
Washington Prime Group Inc. (WPG) opened at 8.62 on Friday. The firm’s 50-day moving average price is $8.76 and its 200-day moving average price is $8.68. Washington Prime Group Inc. has a 12 month low of $7.31 and a 12 month high of $14.15. The firm has a market cap of $1.60 billion, a P/E ratio of 9.37 and a beta of 0.95.
Washington Prime Group (NYSE:WPG) last posted its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $189.17 million for the quarter, compared to analysts’ expectations of $197.69 million. During the same quarter last year, the firm earned $0.45 EPS. The company’s quarterly revenue was down 8.1% compared to the same quarter last year. On average, equities research analysts expect that Washington Prime Group Inc. will post $1.05 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, August 30th. This represents a $1.00 annualized dividend and a dividend yield of 11.60%. Washington Prime Group’s payout ratio is currently 108.70%.
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WPG has been the topic of a number of recent analyst reports. Zacks Investment Research raised Washington Prime Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 3rd. Boenning Scattergood reissued a “hold” rating on shares of Washington Prime Group in a research report on Friday, July 28th. BidaskClub raised Washington Prime Group from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. ValuEngine downgraded 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 analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price 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.
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