Prudential Financial Inc. raised its position in shares of W. P. Carey Inc. (NYSE:WPC - Free Report) by 82.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,056 shares of the real estate investment trust's stock after buying an additional 21,317 shares during the quarter. Prudential Financial Inc.'s holdings in W. P. Carey were worth $2,564,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in WPC. Vanguard Group Inc. boosted its position in shares of W. P. Carey by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 30,820,665 shares of the real estate investment trust's stock valued at $1,679,110,000 after acquiring an additional 242,576 shares during the last quarter. Geode Capital Management LLC lifted its position in W. P. Carey by 2.9% during the third quarter. Geode Capital Management LLC now owns 4,573,938 shares of the real estate investment trust's stock valued at $284,426,000 after purchasing an additional 127,477 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of W. P. Carey by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,641,815 shares of the real estate investment trust's stock worth $143,926,000 after buying an additional 43,197 shares in the last quarter. Equity Investment Corp grew its stake in shares of W. P. Carey by 26.3% in the 4th quarter. Equity Investment Corp now owns 1,870,734 shares of the real estate investment trust's stock worth $101,918,000 after buying an additional 389,107 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of W. P. Carey by 21.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,514,049 shares of the real estate investment trust's stock worth $94,325,000 after buying an additional 264,230 shares during the last quarter. Institutional investors own 73.73% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on WPC. Royal Bank of Canada increased their price target on shares of W. P. Carey from $61.00 to $62.00 and gave the company an "outperform" rating in a report on Thursday, February 13th. Scotiabank raised their price objective on W. P. Carey from $59.00 to $63.00 and gave the company a "sector perform" rating in a research note on Wednesday, March 12th. BMO Capital Markets raised W. P. Carey from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $60.00 to $67.00 in a research report on Tuesday, February 18th. Barclays increased their price target on W. P. Carey from $56.00 to $60.00 and gave the company an "underweight" rating in a report on Tuesday, March 4th. Finally, Evercore ISI lifted their price objective on shares of W. P. Carey from $60.00 to $64.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, W. P. Carey currently has a consensus rating of "Hold" and an average target price of $63.75.
Check Out Our Latest Analysis on W. P. Carey
W. P. Carey Trading Down 3.8 %
WPC traded down $2.30 during trading hours on Friday, reaching $59.08. 1,718,013 shares of the company's stock traded hands, compared to its average volume of 1,176,849. The firm has a 50-day moving average price of $60.66 and a 200 day moving average price of $58.40. The firm has a market capitalization of $12.93 billion, a PE ratio of 28.27, a PEG ratio of 1.06 and a beta of 0.95. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.95. W. P. Carey Inc. has a 52-week low of $52.91 and a 52-week high of $66.10.
W. P. Carey Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.89 dividend. The ex-dividend date is Monday, March 31st. This is a boost from W. P. Carey's previous quarterly dividend of $0.88. This represents a $3.56 dividend on an annualized basis and a dividend yield of 6.03%. W. P. Carey's dividend payout ratio is presently 170.33%.
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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