W. P. Carey (NYSE:WPC) Announces Earnings Results, Misses Estimates By $0.47 EPS

W. P. Carey (NYSE:WPC) released its quarterly earnings results on Tuesday. The real estate investment trust reported $0.65 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.47), Yahoo Finance reports. W. P. Carey had a net margin of 34.83% and a return on equity of 6.46%. The company had revenue of $389.70 million during the quarter, compared to the consensus estimate of $381.39 million. During the same period in the prior year, the company earned $1.36 earnings per share. The firm’s revenue was down 13.9% compared to the same quarter last year. W. P. Carey updated its FY24 guidance to $4.63-4.73 EPS and its FY 2024 guidance to 4.630-4.730 EPS.

W. P. Carey Trading Down 0.9 %

Shares of W. P. Carey stock traded down $0.52 during midday trading on Thursday, reaching $57.29. The company had a trading volume of 1,605,624 shares, compared to its average volume of 1,305,364. The firm has a market cap of $12.54 billion, a PE ratio of 22.00, a P/E/G ratio of 1.13 and a beta of 0.93. The stock has a fifty day moving average price of $56.77 and a 200 day moving average price of $57.53. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.90 and a quick ratio of 0.90. W. P. Carey has a fifty-two week low of $51.36 and a fifty-two week high of $67.75.

W. P. Carey Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were paid a $0.87 dividend. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, June 28th. This represents a $3.48 annualized dividend and a dividend yield of 6.07%. W. P. Carey’s dividend payout ratio is presently 132.32%.

Analysts Set New Price Targets

Several brokerages have weighed in on WPC. Scotiabank lifted their price objective on shares of W. P. Carey from $55.00 to $60.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 16th. JPMorgan Chase & Co. lowered their price objective on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a research note on Friday, June 21st. Wells Fargo & Company dropped their target price on shares of W. P. Carey from $61.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. Finally, Royal Bank of Canada reduced their price target on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $60.91.

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.