W. P. Carey (NYSE:WPC) Releases Quarterly Earnings Results, Misses Estimates By $0.62 EPS

W. P. Carey (NYSE:WPC) issued its earnings results on Tuesday. The real estate investment trust reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62), Zacks reports. The company had revenue of $394.78 million during the quarter, compared to analysts’ expectations of $377.43 million. W. P. Carey had a return on equity of 6.45% and a net margin of 35.12%. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.32 EPS. W. P. Carey updated its FY24 guidance to $4.65-4.71 EPS and its FY 2024 guidance to 4.650-4.710 EPS.

W. P. Carey Stock Performance

NYSE WPC opened at $55.69 on Friday. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.00 and a quick ratio of 1.93. The stock’s 50 day simple moving average is $60.60 and its 200-day simple moving average is $58.18. The company has a market cap of $12.19 billion, a PE ratio of 21.93, a price-to-earnings-growth ratio of 1.05 and a beta of 0.94. W. P. Carey has a 1-year low of $52.67 and a 1-year high of $67.40.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $0.875 per share. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.50 annualized dividend and a yield of 6.28%. The ex-dividend date of this dividend was Monday, September 30th. W. P. Carey’s payout ratio is 137.80%.

Insider Buying and Selling

In other news, Director Mark A. Alexander acquired 3,500 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were bought at an average price of $55.87 per share, for a total transaction of $195,545.00. Following the acquisition, the director now owns 38,124 shares of the company’s stock, valued at approximately $2,129,987.88. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 1.08% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Evercore ISI upped their price objective on W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Scotiabank lowered their price target on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 7th. Barclays lifted their price objective on shares of W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Wells Fargo & Company reissued an “equal weight” rating and set a $63.00 target price (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Finally, UBS Group lifted their price target on W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $63.25.

W. P. Carey Company Profile

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.