CacheTech Inc. Sells 566 Shares of W. P. Carey Inc. (NYSE:WPC)

CacheTech Inc. reduced its position in W. P. Carey Inc. (NYSE:WPC) by 6.1% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,745 shares of the real estate investment trust’s stock after selling 566 shares during the period. CacheTech Inc.’s holdings in W. P. Carey were worth $545,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Equity Investment Corp acquired a new stake in W. P. Carey in the first quarter valued at approximately $59,802,000. Massachusetts Financial Services Co. MA boosted its position in shares of W. P. Carey by 22.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,240,705 shares of the real estate investment trust’s stock worth $178,401,000 after purchasing an additional 588,636 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of W. P. Carey by 185.7% in the 2nd quarter. Hsbc Holdings PLC now owns 684,355 shares of the real estate investment trust’s stock worth $37,631,000 after purchasing an additional 444,785 shares in the last quarter. International Assets Investment Management LLC grew its stake in W. P. Carey by 6,145.1% during the 3rd quarter. International Assets Investment Management LLC now owns 407,304 shares of the real estate investment trust’s stock worth $25,375,000 after buying an additional 400,782 shares during the last quarter. Finally, PGGM Investments increased its position in W. P. Carey by 18.5% during the 2nd quarter. PGGM Investments now owns 2,498,975 shares of the real estate investment trust’s stock valued at $137,569,000 after buying an additional 389,853 shares in the last quarter. Hedge funds and other institutional investors own 73.73% of the company’s stock.

Wall Street Analyst Weigh In

WPC has been the topic of a number of research analyst reports. UBS Group boosted their price target on W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Wells Fargo & Company reissued an “equal weight” rating and set a $63.00 target price (up previously from $62.00) on shares of W. P. Carey in a research report on Tuesday, October 1st. Barclays raised their price target on shares of W. P. Carey from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Royal Bank of Canada dropped their price objective on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Finally, JPMorgan Chase & Co. reduced their target price on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Eight equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $63.25.

Insider Buying and Selling

In other news, Director Mark A. Alexander acquired 3,500 shares of the business’s stock in a transaction on Friday, August 9th. The stock was bought at an average price of $55.87 per share, with a total value of $195,545.00. Following the completion of the acquisition, the director now owns 38,124 shares of the company’s stock, valued at approximately $2,129,987.88. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.08% of the stock is currently owned by insiders.

W. P. Carey Price Performance

NYSE:WPC opened at $55.13 on Friday. The firm’s fifty day moving average is $60.54 and its two-hundred day moving average is $58.16. The firm has a market cap of $12.06 billion, a price-to-earnings ratio of 21.70, a PEG ratio of 1.05 and a beta of 0.94. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.93 and a current ratio of 1.00. W. P. Carey Inc. has a one year low of $53.01 and a one year high of $67.40.

W. P. Carey (NYSE:WPC) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 EPS for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62). 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. Research analysts expect that W. P. Carey Inc. will post 4.52 EPS for the current year.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.875 dividend. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.50 annualized dividend and a dividend yield of 6.35%. The ex-dividend date of this dividend was Monday, September 30th. W. P. Carey’s payout ratio is currently 137.80%.

W. P. Carey 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.