W. P. Carey (NYSE:WPC) Price Target Raised to $63.00

W. P. Carey (NYSE:WPC - Free Report) had its price target raised by Evercore ISI from $61.00 to $63.00 in a research report released on Wednesday, Benzinga reports. They currently have an in-line rating on the real estate investment trust's stock.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of 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. Scotiabank reduced their price objective on W. P. Carey from $61.00 to $60.00 and set a sector perform rating for the company in a research note on Wednesday, August 7th. Royal Bank of Canada reduced their price objective on W. P. Carey from $63.00 to $62.00 and set an outperform rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company upped their price objective on W. P. Carey from $60.00 to $62.00 and gave the stock an equal weight rating in a research note on Monday. Finally, UBS Group upped their target price on shares of W. P. Carey from $57.00 to $63.00 and gave the stock a neutral rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $60.82.

W. P. Carey Stock Down 0.2 %

NYSE WPC traded down $0.13 during mid-day trading on Wednesday, reaching $59.70. The stock had a trading volume of 791,905 shares, compared to its average volume of 1,266,368. W. P. Carey has a 1 year low of $51.36 and a 1 year high of $67.40. The stock has a market cap of $13.06 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 1.07 and a beta of 0.92. The company has a fifty day moving average price of $57.30 and a 200 day moving average price of $56.75. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.93 and a quick ratio of 0.90.

W. P. Carey (NYSE:WPC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share for the quarter, missing analysts' consensus estimates of $1.12 by ($0.47). W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The firm had revenue of $389.70 million during the quarter, compared to analysts' expectations of $381.39 million. During the same quarter in the previous year, the firm earned $1.36 earnings per share. W. P. Carey's revenue was down 13.9% on a year-over-year basis. On average, research analysts expect that W. P. Carey will post 4.53 earnings per share for the current year.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.87 dividend. This is an increase from W. P. Carey's previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Friday, June 28th. This represents a $3.48 dividend on an annualized basis and a dividend yield of 5.83%. W. P. Carey's dividend payout ratio (DPR) is presently 132.32%.

Insider Activity at W. P. Carey

In other W. P. Carey news, Director Mark A. Alexander purchased 3,500 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average price of $55.87 per share, with a total value of $195,545.00. Following the acquisition, the director now owns 38,124 shares in the company, valued at $2,129,987.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.08% of the stock is owned by insiders.

Institutional Trading of W. P. Carey

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of W. P. Carey during the fourth quarter worth approximately $157,107,000. Russell Investments Group Ltd. boosted its stake in W. P. Carey by 99.7% in the fourth quarter. Russell Investments Group Ltd. now owns 351,187 shares of the real estate investment trust's stock valued at $22,810,000 after acquiring an additional 175,347 shares in the last quarter. Principal Securities Inc. acquired a new stake in W. P. Carey in the fourth quarter valued at approximately $951,000. M&T Bank Corp boosted its stake in W. P. Carey by 2.7% in the fourth quarter. M&T Bank Corp now owns 31,191 shares of the real estate investment trust's stock valued at $2,024,000 after acquiring an additional 825 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its stake in W. P. Carey by 2.1% in the first quarter. CANADA LIFE ASSURANCE Co now owns 456,149 shares of the real estate investment trust's stock valued at $25,749,000 after acquiring an additional 9,324 shares in the last quarter. 73.73% of the stock is owned by hedge funds and other institutional investors.

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.