Royal Fund Management LLC trimmed its stake in shares of W. P. Carey Inc. (NYSE:WPC – Free Report) by 3.8% during the 2nd quarter, Holdings Channel reports. The fund owned 11,445 shares of the real estate investment trust’s stock after selling 448 shares during the quarter. Royal Fund Management LLC’s holdings in W. P. Carey were worth $773,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in W. P. Carey by 3.9% during the first quarter. Vanguard Group Inc. now owns 27,334,613 shares of the real estate investment trust’s stock worth $2,209,731,000 after acquiring an additional 1,016,340 shares during the period. BlackRock Inc. grew its holdings in W. P. Carey by 2.5% in the first quarter. BlackRock Inc. now owns 15,373,667 shares of the real estate investment trust’s stock valued at $1,190,691,000 after purchasing an additional 368,425 shares during the period. State Street Corp grew its holdings in W. P. Carey by 2.1% in the first quarter. State Street Corp now owns 10,228,412 shares of the real estate investment trust’s stock valued at $802,831,000 after purchasing an additional 208,561 shares during the period. JPMorgan Chase & Co. grew its holdings in W. P. Carey by 46.1% in the first quarter. JPMorgan Chase & Co. now owns 6,558,610 shares of the real estate investment trust’s stock valued at $507,966,000 after purchasing an additional 2,068,458 shares during the period. Finally, Moneta Group Investment Advisors LLC grew its holdings in W. P. Carey by 104,493.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,615,688 shares of the real estate investment trust’s stock valued at $360,716,000 after purchasing an additional 4,611,275 shares during the period. 62.62% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts have commented on the company. StockNews.com assumed coverage on W. P. Carey in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Bank of America lowered W. P. Carey from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $78.00 to $67.00 in a research note on Monday, August 14th. JMP Securities reduced their price objective on W. P. Carey from $86.00 to $80.00 in a research note on Friday, June 23rd. Citigroup dropped their target price on shares of W. P. Carey from $75.00 to $69.00 and set a “neutral” rating for the company in a report on Wednesday, August 30th. Finally, Royal Bank of Canada dropped their target price on shares of W. P. Carey from $81.00 to $79.00 and set an “outperform” rating for the company in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, W. P. Carey presently has a consensus rating of “Hold” and a consensus price target of $77.29.
W. P. Carey Trading Down 1.5 %
NYSE WPC opened at $63.12 on Tuesday. The stock has a market capitalization of $13.50 billion, a P/E ratio of 17.68, a PEG ratio of 7.11 and a beta of 0.76. W. P. Carey Inc. has a 12 month low of $62.68 and a 12 month high of $85.94. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.17 and a quick ratio of 0.17. The firm’s 50-day moving average is $66.54 and its two-hundred day moving average is $70.41.
W. P. Carey (NYSE:WPC – Get Free Report) last issued its quarterly earnings results on Friday, July 28th. The real estate investment trust reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.62). The business had revenue of $452.60 million for the quarter, compared to analyst estimates of $430.48 million. W. P. Carey had a return on equity of 8.28% and a net margin of 45.21%. The firm’s revenue for the quarter was up 31.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.31 EPS. On average, sell-side analysts anticipate that W. P. Carey Inc. will post 5.21 earnings per share for the current year.
W. P. Carey Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $1.071 per share. This represents a $4.28 annualized dividend and a dividend yield of 6.79%. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from W. P. Carey’s previous quarterly dividend of $1.07. W. P. Carey’s dividend payout ratio is currently 119.89%.
W. P. Carey Company Profile
Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $23 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,475 net lease properties covering approximately 180 million square feet and a portfolio of 85 self-storage operating properties, as of June 30, 2023.
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