Earlier this week, Washington Prime ( WPG) shareholders awoke to an unusual sight: a huge increase in the struggling mall REIT 's share price. It wasn't because of any good news, though. The company simply completed a 1-for-9 reverse stock split designed to get the trading price back above $1 to comply with New York Stock Exchange rules.
Who holds Washington Prime Group (WPG) stock?
Only 14.12% of the stock of Washington Prime Group is held by institutions. Earnings for Washington Prime Group are expected to decrease by -10.66% in the coming year, from $3.47 to $3.10 per share.
How is WPG positioned for the future?
With a substantially stronger balance sheet and greater financially flexibility, WPG is well positioned for the future. We fully expect that WPG’s strong portfolio of assets will enable it to continue as a retail leader, and we look forward to partnering with WPG’s experienced team.
What happened to Washington Prime Stock?
The company simply completed a 1-for-9 reverse stock split designed to get the trading price back above $1 to comply with New York Stock Exchange rules. Washington Prime stock didn't waste any time resuming its downward march.
Will Washington Prime Group (WPG) outperform or underperform the S&P 500?
Vote “Outperform” if you believe WPG will outperform the S&P 500 over the long term. Vote “Underperform” if you believe WPG will underperform the S&P 500 over the long term. You may vote once every thirty days. Washington Prime Group does not currently pay a dividend. Washington Prime Group does not have a long track record of dividend growth.
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What happens when a stock is delisted?
To be delisted means to be removed from exchange listing, meaning the stock is no longer traded on the stock exchange. A company can elect to delist its stock, pursuing a strategic goal, or it can be forced off the exchange because it no longer satisfies the exchange's minimum requirements for trading.
Will WPG be delisted?
Major mall owner Washington Prime Group has announced that it will voluntarily delist its stocks from the New York Stock Exchange at the end of the month.
Did Winnipeg stock split?
The split for WPG took place on December 22, 2020. This was a 1 for 9 reverse split, meaning for each 9 shares of WPG owned pre-split, the shareholder now owned 1 share. For example, a 1000 share position pre-split, became a 111.111111111111 share position following the split.
Is WPG a buy or sell?
For example, a stock trading at $35 with earnings of $3 would have an earnings yield of 0.0857 or 8.57%....Momentum Scorecard. More Info.Zacks RankDefinitionAnnualized Return1Strong Buy25.08%2Buy18.56%3Hold10.15%4Sell5.79%2 more rows
What happens to my Washington Prime Group stock?
It is expected that the Company's Common Stock and Preferred Stock will be removed from listing and registration on the NYSE at the opening of business on or about September 30, 2021.
What happens when a company voluntarily delisted?
Voluntary Delistings occur when a company decides that it would like to purchase all of its shares or move to an OTC market while in full compliance with the exchanges. Usually, these are the types of delistings that investors should carefully watch.
Should I sell my Washington Prime Group stock?
Stockchase rating for Washington Prime Group is calculated according to the stock experts' signals. A high score means experts mostly recommend to buy the stock while a low score means experts mostly recommend to sell the stock.
Is Washington Prime Group in trouble?
The company's financial restructuring is complete and its reorganization plan, confirmed Sept. 3 by the U.S. Bankruptcy Court for the Southern District of Texas, is in place, according to a press release. Washington Prime Group filed for bankruptcy in June.
What is Washington Prime Group stock?
The latest closing stock price for Washington Prime Group as of September 29, 2021 is 0.83.
Is Washington Prime Group a buy right now?
1 Wall Street research analysts have issued "buy," "hold," and "sell" ratings for Washington Prime Group in the last twelve months. There are curre...
How were Washington Prime Group's earnings last quarter?
Washington Prime Group Inc. (NYSE:WPG) posted its earnings results on Monday, August, 9th. The real estate investment trust reported ($4.26) EPS fo...
When did Washington Prime Group's stock split? How did Washington Prime Group's stock split work?
Shares of Washington Prime Group reverse split before market open on Tuesday, December 22nd 2020. The 1-9 reverse split was announced on Friday, De...
Who are Washington Prime Group's key executives?
Washington Prime Group's management team includes the following people: Louis G. Conforti , Chief Executive Officer & Director Mark Edward Yale ,...
What is Louis Conforti's approval rating as Washington Prime Group's CEO?
23 employees have rated Washington Prime Group CEO Louis Conforti on Glassdoor.com . Louis Conforti has an approval rating of 50% among Washington...
Who are some of Washington Prime Group's key competitors?
Some companies that are related to Washington Prime Group include Lument Finance Trust (LFT) , Manhattan Bridge Capital (LOAN) , Pennsylvania Re...
What other stocks do shareholders of Washington Prime Group own?
Based on aggregate information from My MarketBeat watchlists, some companies that other Washington Prime Group investors own include New Residenti...
What is Washington Prime Group's stock symbol?
Washington Prime Group trades on the New York Stock Exchange (NYSE) under the ticker symbol "WPG."
How much money does Washington Prime Group make?
Washington Prime Group has a market capitalization of $0.00 and generates $524.42 million in revenue each year. The real estate investment trust ea...
What happened
Mall-focused real estate investment trust (REIT) Washington Prime Group ( WPG ) lost nearly 30% of its value in the first hour of trading on Feb. 16. There was no question about why: The company filed a very concerning update with the SEC.
So what
The first big piece of news in the SEC filing was that the REIT chose to withhold a $23.2 million interest payment due on Feb. 15. Washington Prime has 30 days to resolve this issue or it would constitute a default and allow some of the bondholders to demand early repayment.
Now what
The clear concern here is that a troubled REIT (it hasn't paid a dividend since the first quarter of 2020) in a troubled property sector is at risk of going bankrupt. Given the missed interest payment and the hiring of advisors, that's not an unreasonable fear. Most investors should probably avoid Washington Prime for now.
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When did WPG file for bankruptcy?
Mall REIT Washington Prime Group ( WPG) finally filed for Ch.11 bankruptcy on June 13 in Texas after months of negotiations with the plan sponsor, SVPGlobal. Unsecured notes holders will get most of the new equity according ...
Why can't Gordon Capital de-leverage more?
One of the reasons why they were not able to de-leverage more was that it seems the Ad Hoc Lender Group did not want new equity as their recovery for their lender claims. As can be seen by their verified statement filing below, only Gordon Capital owns a token amount of unsecured notes, which are getting equity. Secured lenders can't be forced to take new equity under a confirmed Ch.11 reorganization plan. They would have the right to have their collateral auctioned to get cash for their claims and they also have the right to credit bid on those secured assets under section 363 ( (k)).
How much cash will common shareholders and preferred shareholders split?
Common shareholders and preferred shareholders will split $40 million cash or 6.125% of the new equity. Unsecured noteholders are getting cash and right to participate in a rights offer, if they are accredited investors.
How much debt does Washington Prime have?
As of Sept. 30, the REIT carried $3.84 billion of debt, including its share of joint venture debt. Meanwhile, adjusted EBITDA has been plummeting, dropping from $528 million in 2018 to $464 million in 2019 ...
Can Washington Prime be delisted?
A reverse stock split can keep Washington Prime from being delisted in the short term, but it won't fix the mall REIT's major long-term problems. Adam Levine-Weinberg is a senior Industrials/Consumer Goods specialist with The Motley Fool. He is an avid stock-market watcher and a value investor at heart.
Does Washington Prime pay dividends?
Washington Prime also has about $200 million of outstanding preferred stock, and it needs to pay dividends on those shares before it can even consider paying dividends on its common stock. There's no easy way for Washington Prime to get out from under its crushing debt load.
Is Washington Prime's EBITDA falling?
Meanwhile, adjusted EBITDA has been plummeting, dropping from $528 million in 2018 to $464 million in 2019 and falling even faster in 2020. That's making it increasingly difficult for Washington Prime to support its debt load.
Is Washington Prime going bankrupt?
Thus far, Washington Prime has managed to avoid bankruptcy, unlike some of its mall REIT peers. The company has benefited from getting about 40% of its NOI from open-air centers as of earlier this year. (Open-air centers have held up better than traditional enclosed malls during the retail apocalypse.)
About WPG
Washington Prime Group, Inc. engages in the ownership, management, acquisition, and development of retail properties. The company was founded in May 2014 and is headquartered in Columbus, OH....
Rating
What analysts on recommend for this stock, on a scale from 1 (buy) to 5 (sell).
