Municipal Employees Retirement System of Michigan Sells 15,410 Shares of Washington Prime Group Inc. (WPG)

Municipal Employees Retirement System of Michigan lowered its stake in shares of Washington Prime Group Inc. (NYSE:WPG) by 18.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,990 shares of the real estate investment trust’s stock after selling 15,410 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Washington Prime Group were worth $586,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Teza Capital Management LLC purchased a new position in shares of Washington Prime Group during the first quarter valued at approximately $103,000. Creative Planning raised its position in shares of 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 in the last quarter. Wedbush Securities Inc. purchased a new position in shares of Washington Prime Group during the first quarter valued at approximately $108,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of 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 in the last quarter. Finally, Spectrum Management Group Inc. purchased a new position in shares of Washington Prime Group during the first quarter valued at approximately $114,000. 95.27% of the stock is owned by institutional investors and hedge funds.

Washington Prime Group Inc. (NYSE WPG) opened at 8.35 on Friday. Washington Prime Group Inc. has a 12 month low of $7.31 and a 12 month high of $14.15. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 9.08 and a beta of 0.95. The firm’s 50-day moving average price is $8.80 and its 200 day moving average price is $8.65.

Washington Prime Group (NYSE:WPG) last posted its quarterly earnings results on Wednesday, July 26th. The real estate investment trust reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.06. Washington Prime Group had a return on equity of 17.36% and a net margin of 22.65%. The business had revenue of $189.17 million for the quarter, compared to the consensus estimate of $197.69 million. During the same quarter in the prior year, the company earned $0.45 EPS. The business’s revenue was down 8.1% compared to the same quarter last year. On average, analysts anticipate that Washington Prime Group Inc. will post $0.94 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.98%. The ex-dividend date is Wednesday, August 30th. Washington Prime Group’s dividend payout ratio (DPR) is currently 108.70%.

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Several equities analysts have commented 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 investment analyst has rated the stock with a sell rating and three have given a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus 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.