Janney Montgomery Scott LLC acquired a new position in W. P. Carey Inc. (NYSE:WPC - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 145,838 shares of the real estate investment trust's stock, valued at approximately $9,086,000. Janney Montgomery Scott LLC owned 0.07% of W. P. Carey as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of WPC. Norden Group LLC purchased a new position in shares of W. P. Carey in the 1st quarter worth $277,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of W. P. Carey by 4.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,831 shares of the real estate investment trust's stock worth $668,000 after purchasing an additional 554 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of W. P. Carey in the 1st quarter valued at about $54,000. Envestnet Portfolio Solutions Inc. increased its position in shares of W. P. Carey by 9.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 14,159 shares of the real estate investment trust's stock worth $799,000 after purchasing an additional 1,275 shares in the last quarter. Finally, AIA Group Ltd purchased a new stake in W. P. Carey in the first quarter valued at about $224,000. Institutional investors own 73.73% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut their price target on W. P. Carey from $70.00 to $68.00 and set an "overweight" rating on the stock in a research report on Friday, July 12th. Wells Fargo & Company reissued an "equal weight" rating and issued a $63.00 price objective (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. UBS Group boosted their target price on W. P. Carey from $57.00 to $63.00 and gave the stock a "neutral" rating in a report on Thursday, July 18th. Royal Bank of Canada reduced their target price on shares of W. P. Carey from $63.00 to $62.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. Finally, Barclays raised their price objective on W. P. Carey from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 10th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $63.25.
Check Out Our Latest Report on W. P. Carey
W. P. Carey Trading Up 2.1 %
WPC stock traded up $1.15 on Friday, hitting $56.85. 516,136 shares of the company were exchanged, compared to its average volume of 1,214,848. The stock has a market capitalization of $12.44 billion, a price-to-earnings ratio of 21.94, a price-to-earnings-growth ratio of 1.03 and a beta of 0.95. W. P. Carey Inc. has a twelve month low of $53.01 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. The business's fifty day moving average is $60.11 and its two-hundred day moving average is $58.20.
W. P. Carey (NYSE:WPC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts' consensus estimates of $1.13 by ($0.62). The business had revenue of $394.78 million for 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 last year, the business earned $1.32 EPS. As a group, research analysts forecast that W. P. Carey Inc. will post 4.52 earnings per share 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 issued a dividend of $0.875 per share. This is a boost from W. P. Carey's previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.50 annualized dividend and a yield of 6.16%. W. P. Carey's payout ratio is presently 137.80%.
W. P. Carey Profile
(
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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