Frank Rimerman Advisors LLC Sells 9,614 Shares of W. P. Carey Inc. (NYSE:WPC)

Frank Rimerman Advisors LLC cut its stake in shares of W. P. Carey Inc. (NYSE:WPC - Free Report) by 57.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,267 shares of the real estate investment trust's stock after selling 9,614 shares during the quarter. Frank Rimerman Advisors LLC's holdings in W. P. Carey were worth $453,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in WPC. Vanguard Group Inc. boosted its position in shares of W. P. Carey by 0.6% during the first quarter. Vanguard Group Inc. now owns 30,971,062 shares of the real estate investment trust's stock worth $1,748,007,000 after buying an additional 187,022 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of W. P. Carey by 22.2% in the second 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. Dimensional Fund Advisors LP increased its holdings in shares of W. P. Carey by 6.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,152,879 shares of the real estate investment trust's stock valued at $173,570,000 after purchasing an additional 204,064 shares during the period. Bank of New York Mellon Corp boosted its position in shares of W. P. Carey by 0.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,524,490 shares of the real estate investment trust's stock valued at $138,973,000 after purchasing an additional 7,549 shares in the last quarter. Finally, PGGM Investments grew its stake in shares of W. P. Carey by 18.5% in the 2nd quarter. PGGM Investments now owns 2,498,975 shares of the real estate investment trust's stock worth $137,569,000 after purchasing an additional 389,853 shares during the last quarter. 73.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WPC has been the subject of several recent research reports. Evercore ISI increased their target price on shares of W. P. Carey from $63.00 to $66.00 and gave the company an "in-line" rating in a research note on Monday, September 16th. Wells Fargo & Company reissued an "equal weight" rating and set a $63.00 price objective (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Barclays lifted their target price on W. P. Carey from $54.00 to $56.00 and gave the stock an "equal weight" rating in a report on Thursday, October 10th. Scotiabank reduced their target price on 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. Finally, UBS Group lifted 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. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $63.25.

Insider Buying and Selling

In other W. P. Carey news, Director Mark A. Alexander bought 3,500 shares of W. P. Carey stock in a transaction on Friday, August 9th. The stock was purchased at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the completion of the purchase, the director now directly owns 38,124 shares of the company's stock, valued at $2,129,987.88. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.08% of the stock is owned by corporate insiders.

W. P. Carey Stock Down 1.3 %

Shares of WPC stock traded down $0.76 on Tuesday, reaching $56.72. 1,377,414 shares of the company's stock traded hands, compared to its average volume of 1,208,216. The business's 50 day moving average price is $60.65 and its two-hundred day moving average price is $58.19. The company has a market capitalization of $12.41 billion, a P/E ratio of 21.57, a price-to-earnings-growth ratio of 1.11 and a beta of 0.94. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.93 and a current ratio of 1.93. W. P. Carey Inc. has a 12-month low of $51.60 and a 12-month high of $67.40.

W. P. Carey (NYSE:WPC - Get Free Report) last released its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.47). The business 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 company's revenue was down 13.9% compared to the same quarter last year. During the same period last year, the firm earned $1.36 EPS. On average, equities analysts forecast that W. P. Carey Inc. will post 4.52 earnings per share for the current year.

W. P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.875 dividend. This represents a $3.50 annualized dividend and a yield of 6.17%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from W. P. Carey's previous quarterly dividend of $0.87. W. P. Carey's dividend payout ratio is currently 133.08%.

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.