Rodgers Brothers Inc. bought a new stake in W. P. Carey Inc. (NYSE:WPC - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 41,750 shares of the real estate investment trust's stock, valued at approximately $2,275,000.
Other large investors have also modified their holdings of the company. Hoey Investments Inc. bought a new position in W. P. Carey during the 4th quarter worth approximately $48,000. Alliancebernstein L.P. raised its position in shares of W. P. Carey by 13.0% during the 4th quarter. Alliancebernstein L.P. now owns 421,576 shares of the real estate investment trust's stock valued at $22,967,000 after acquiring an additional 48,400 shares in the last quarter. Wellington Management Group LLP lifted its stake in W. P. Carey by 26.2% during the fourth quarter. Wellington Management Group LLP now owns 319,738 shares of the real estate investment trust's stock worth $17,419,000 after purchasing an additional 66,319 shares during the last quarter. Everstar Asset Management LLC boosted its holdings in W. P. Carey by 8.9% in the fourth quarter. Everstar Asset Management LLC now owns 7,096 shares of the real estate investment trust's stock worth $387,000 after purchasing an additional 579 shares during the period. Finally, CIBC Private Wealth Group LLC increased its stake in W. P. Carey by 32.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,035 shares of the real estate investment trust's stock valued at $166,000 after purchasing an additional 735 shares during the last quarter. Institutional investors own 73.73% of the company's stock.
Wall Street Analysts Forecast Growth
WPC has been the subject of several research reports. JMP Securities reaffirmed a "market perform" rating on shares of W. P. Carey in a report on Thursday, February 13th. Scotiabank upped their target price on W. P. Carey from $59.00 to $63.00 and gave the company a "sector perform" rating in a report on Wednesday, March 12th. Barclays increased their price target on W. P. Carey from $56.00 to $60.00 and gave the stock an "underweight" rating in a research report on Tuesday, March 4th. Evercore ISI upped their price objective on 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. Finally, BMO Capital Markets raised shares of W. P. Carey from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $60.00 to $67.00 in a report on Tuesday, February 18th. One investment 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, the company presently has an average rating of "Hold" and an average price target of $63.75.
Get Our Latest Report on WPC
W. P. Carey Stock Performance
Shares of NYSE:WPC traded down $1.37 on Thursday, hitting $61.31. The company's stock had a trading volume of 1,888,667 shares, compared to its average volume of 1,171,791. The company has a market capitalization of $13.42 billion, a price-to-earnings ratio of 29.33, a price-to-earnings-growth ratio of 1.06 and a beta of 0.95. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.98 and a current ratio of 0.98. W. P. Carey Inc. has a 12 month low of $52.91 and a 12 month high of $66.10. The stock's 50-day moving average is $60.46 and its two-hundred day moving average is $58.42.
W. P. Carey Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 5.81%. The ex-dividend date is Monday, March 31st. This is a positive change from W. P. Carey's previous quarterly dividend of $0.88. W. P. Carey's dividend payout ratio is currently 170.33%.
W. P. Carey Company Profile
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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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