Geode Capital Management LLC boosted its holdings in W. P. Carey Inc. (NYSE:WPC - Free Report) by 2.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,573,938 shares of the real estate investment trust's stock after purchasing an additional 127,477 shares during the period. Geode Capital Management LLC owned about 2.09% of W. P. Carey worth $284,426,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of WPC. Vestcor Inc grew its holdings in W. P. Carey by 608.6% during the 3rd quarter. Vestcor Inc now owns 31,597 shares of the real estate investment trust's stock worth $1,968,000 after acquiring an additional 27,138 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in W. P. Carey by 2.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 342,773 shares of the real estate investment trust's stock worth $21,355,000 after purchasing an additional 8,277 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in W. P. Carey by 7.1% in the third quarter. Y Intercept Hong Kong Ltd now owns 17,699 shares of the real estate investment trust's stock valued at $1,103,000 after buying an additional 1,169 shares during the last quarter. XTX Topco Ltd raised its stake in W. P. Carey by 256.1% during the third quarter. XTX Topco Ltd now owns 24,729 shares of the real estate investment trust's stock valued at $1,541,000 after buying an additional 17,784 shares in the last quarter. Finally, Zacks Investment Management lifted its holdings in W. P. Carey by 10.6% during the 3rd quarter. Zacks Investment Management now owns 613,806 shares of the real estate investment trust's stock worth $38,240,000 after buying an additional 59,075 shares during the last quarter. Institutional investors and hedge funds own 73.73% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on WPC. UBS Group lowered their price target on W. P. Carey from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Thursday, November 14th. Barclays boosted their target price on shares of W. P. Carey from $54.00 to $56.00 and gave the company an "equal weight" rating in a research note on Thursday, October 10th. Evercore ISI raised their price target on shares of 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. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $63.00 price objective (up previously from $62.00) on shares of W. P. Carey in a research report on Tuesday, October 1st. Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $62.88.
Read Our Latest Analysis on WPC
W. P. Carey Stock Performance
Shares of WPC stock traded up $1.17 during trading hours on Friday, reaching $57.02. The stock had a trading volume of 1,204,345 shares, compared to its average volume of 1,206,672. The firm has a market capitalization of $12.48 billion, a PE ratio of 22.45, a price-to-earnings-growth ratio of 1.04 and a beta of 0.96. The firm has a 50-day simple moving average of $57.15 and a 200-day simple moving average of $58.02. W. P. Carey Inc. has a twelve month low of $53.09 and a twelve month high of $67.40. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.00 and a quick ratio of 1.00.
W. P. Carey (NYSE:WPC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.62). The firm had revenue of $394.78 million during the quarter, compared to analyst estimates of $377.43 million. W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. W. P. Carey's revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.32 EPS. As a group, equities analysts forecast that W. P. Carey Inc. will post 4.5 earnings per share for the current year.
W. P. Carey Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.52 annualized dividend and a yield of 6.17%. This is an increase from W. P. Carey's previous quarterly dividend of $0.88. W. P. Carey's payout ratio is presently 138.58%.
About W. P. Carey
(
Free Report)
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.
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