Summit Financial LLC Buys 11,537 Shares of W. P. Carey Inc. (NYSE:WPC)

Summit Financial LLC grew its position in W. P. Carey Inc. (NYSE:WPC - Free Report) by 117.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,387 shares of the real estate investment trust's stock after purchasing an additional 11,537 shares during the quarter. Summit Financial LLC's holdings in W. P. Carey were worth $1,196,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of WPC. Cohen & Steers Inc. boosted its holdings in shares of W. P. Carey by 91.9% in the 4th quarter. Cohen & Steers Inc. now owns 11,290,841 shares of the real estate investment trust's stock valued at $731,800,000 after buying an additional 5,407,289 shares in the last quarter. Norges Bank acquired a new position in W. P. Carey in the fourth quarter valued at $157,107,000. Equity Investment Corp purchased a new position in shares of W. P. Carey during the first quarter worth about $59,802,000. Principal Financial Group Inc. increased its position in shares of W. P. Carey by 4,716.5% during the fourth quarter. Principal Financial Group Inc. now owns 802,426 shares of the real estate investment trust's stock worth $52,005,000 after purchasing an additional 785,766 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of W. P. Carey by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 30,784,040 shares of the real estate investment trust's stock valued at $1,995,114,000 after purchasing an additional 657,188 shares during the last quarter. Hedge funds and other institutional investors own 73.73% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on WPC. Royal Bank of Canada dropped their price target on 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. Evercore ISI lifted their target price on shares of W. P. Carey from $61.00 to $63.00 and gave the company an "in-line" rating in a report on Wednesday, August 28th. Scotiabank reduced their target price on shares of W. P. Carey from $61.00 to $60.00 and set a "sector perform" rating for the company in a report on Wednesday, August 7th. UBS Group raised their price target on W. P. Carey from $57.00 to $63.00 and gave the stock a "neutral" rating in a report on Thursday, July 18th. Finally, Wells Fargo & Company upped their price objective on W. P. Carey from $60.00 to $62.00 and gave the company an "equal weight" rating in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $60.00.

Insiders Place Their Bets

In related news, Director Mark A. Alexander acquired 3,500 shares of the company's stock in a transaction dated 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 purchase, the director now directly owns 38,124 shares in the company, valued at approximately $2,129,987.88. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.08% of the stock is owned by corporate insiders.

W. P. Carey Trading Up 1.3 %

NYSE:WPC traded up $0.79 on Monday, reaching $60.02. The stock had a trading volume of 1,110,000 shares, compared to its average volume of 1,261,253. W. P. Carey Inc. has a 12-month low of $51.36 and a 12-month high of $67.40. The company has a market cap of $13.13 billion, a price-to-earnings ratio of 22.82, a P/E/G ratio of 1.12 and a beta of 0.92. The firm's fifty day moving average is $57.55 and its two-hundred day moving average is $56.83. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.93 and a quick ratio of 1.93.

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 (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.47). The firm had revenue of $389.70 million for the quarter, compared to analysts' expectations of $381.39 million. W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The business's quarterly revenue was down 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.36 EPS. Equities analysts expect that W. P. Carey Inc. will post 4.53 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.87 per share. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from W. P. Carey's previous quarterly dividend of $0.87. This represents a $3.48 annualized dividend and a yield of 5.80%. W. P. Carey's dividend payout ratio is 132.32%.

About W. P. Carey

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.