W. P. Carey (NYSE:WPC) Price Target Cut to $63.00 by Analysts at Royal Bank of Canada

W. P. Carey (NYSE:WPC) had its price objective decreased by Royal Bank of Canada from $65.00 to $63.00 in a research note issued to investors on Friday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently weighed in on WPC. StockNews.com began coverage on W. P. Carey in a report on Thursday, January 4th. They set a hold rating for the company. Wells Fargo & Company cut their price target on W. P. Carey from $66.00 to $61.00 and set an equal weight rating for the company in a report on Tuesday, February 20th. Scotiabank decreased their price objective on shares of W. P. Carey from $62.00 to $60.00 and set a sector perform rating on the stock in a report on Monday, March 4th. Barclays began coverage on shares of W. P. Carey in a research report on Wednesday, March 27th. They set an equal weight rating and a $40.00 target price on the stock. Finally, Raymond James lowered shares of W. P. Carey from an outperform rating to a market perform rating in a report on Monday, February 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $63.18.

W. P. Carey Price Performance

NYSE:WPC traded up $0.76 during trading hours on Friday, reaching $56.68. The company had a trading volume of 1,392,562 shares, compared to its average volume of 1,164,508. The firm has a market capitalization of $12.40 billion, a PE ratio of 21.55, a PEG ratio of 0.45 and a beta of 0.86. The stock has a 50-day moving average of $55.87 and a two-hundred day moving average of $58.84. W. P. Carey has a one year low of $51.36 and a one year high of $73.60. The company has a quick ratio of 0.62, a current ratio of 0.90 and a debt-to-equity ratio of 0.87.

W. P. Carey (NYSE:WPC) last posted its earnings results on Friday, February 9th. The real estate investment trust reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.14. The business had revenue of $410.38 million for the quarter, compared to analyst estimates of $413.04 million. W. P. Carey had a net margin of 33.65% and a return on equity of 6.41%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.29 EPS. Analysts forecast that W. P. Carey will post 4.53 earnings per share for the current year.

W. P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.865 per share. This represents a $3.46 dividend on an annualized basis and a dividend yield of 6.10%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.86. The ex-dividend date was Wednesday, March 27th. W. P. Carey’s dividend payout ratio (DPR) is presently 131.56%.

Hedge Funds Weigh In On W. P. Carey

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raleigh Capital Management Inc. grew its holdings in shares of W. P. Carey by 3.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 5,053 shares of the real estate investment trust’s stock valued at $273,000 after acquiring an additional 191 shares in the last quarter. SRS Capital Advisors Inc. increased its position in W. P. Carey by 1.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 16,922 shares of the real estate investment trust’s stock worth $1,097,000 after buying an additional 191 shares during the last quarter. Gradient Capital Advisors LLC raised its stake in W. P. Carey by 0.6% in the fourth quarter. Gradient Capital Advisors LLC now owns 34,180 shares of the real estate investment trust’s stock valued at $2,215,000 after buying an additional 199 shares during the period. Capital Planning Advisors LLC lifted its position in shares of W. P. Carey by 5.5% in the third quarter. Capital Planning Advisors LLC now owns 3,953 shares of the real estate investment trust’s stock valued at $214,000 after buying an additional 207 shares during the last quarter. Finally, Accurate Wealth Management LLC lifted its holdings in W. P. Carey by 5.6% during the 1st quarter. Accurate Wealth Management LLC now owns 3,913 shares of the real estate investment trust’s stock valued at $220,000 after purchasing an additional 208 shares during the last quarter. 73.73% of the stock is owned by institutional investors and hedge funds.

About W. P. Carey

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.