State Street Corp Reduces Position in W. P. Carey Inc. (NYSE:WPC)

State Street Corp decreased its stake in shares of W. P. Carey Inc. (NYSE:WPC - Free Report) by 2.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,770,831 shares of the real estate investment trust's stock after selling 283,173 shares during the period. State Street Corp owned about 5.38% of W. P. Carey worth $743,540,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stifel Financial Corp raised its position in W. P. Carey by 7.0% in the third quarter. Stifel Financial Corp now owns 31,784 shares of the real estate investment trust's stock worth $1,980,000 after acquiring an additional 2,075 shares during the period. Quantinno Capital Management LP raised its position in W. P. Carey by 7.0% in the third quarter. Quantinno Capital Management LP now owns 22,884 shares of the real estate investment trust's stock worth $1,426,000 after acquiring an additional 1,504 shares during the period. Royal London Asset Management Ltd. raised its position in W. P. Carey by 1.5% in the third quarter. Royal London Asset Management Ltd. now owns 113,916 shares of the real estate investment trust's stock worth $7,097,000 after acquiring an additional 1,727 shares during the period. IHT Wealth Management LLC raised its position in W. P. Carey by 22.4% in the third quarter. IHT Wealth Management LLC now owns 9,430 shares of the real estate investment trust's stock worth $586,000 after acquiring an additional 1,723 shares during the period. Finally, Investmark Advisory Group LLC raised its position in W. P. Carey by 3.8% in the third quarter. Investmark Advisory Group LLC now owns 34,425 shares of the real estate investment trust's stock worth $2,145,000 after acquiring an additional 1,254 shares during the period. Institutional investors own 73.73% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on WPC shares. Evercore ISI increased their price target on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an "in-line" rating in a research report on Monday, September 16th. Wells Fargo & Company reissued an "equal weight" rating and issued a $63.00 price objective (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. UBS Group reduced their price objective on shares of W. P. Carey from $62.00 to $60.00 and set a "neutral" rating for the company in a research note on Thursday, November 14th. Finally, Barclays increased their price objective on shares of W. P. Carey from $54.00 to $56.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 10th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, W. P. Carey currently has a consensus rating of "Hold" and an average target price of $62.88.

W. P. Carey Price Performance

WPC traded up $0.61 during trading on Monday, hitting $56.51. 1,093,861 shares of the company traded hands, compared to its average volume of 1,206,137. W. P. Carey Inc. has a 1 year low of $53.09 and a 1 year high of $67.40. The stock's 50-day simple moving average is $57.65 and its two-hundred day simple moving average is $58.04. The company has a market cap of $12.37 billion, a PE ratio of 22.01, a P/E/G ratio of 1.04 and a beta of 0.96. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.90.

W. P. Carey (NYSE:WPC - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.62). The company had revenue of $394.78 million for the quarter, compared to the consensus estimate of $377.43 million. W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The business's revenue was down 11.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.32 EPS. As a group, sell-side analysts anticipate that W. P. Carey Inc. will post 4.52 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $0.875 per share. 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. This represents a $3.50 dividend on an annualized basis and a dividend yield of 6.19%. W. P. Carey's payout ratio is 137.80%.

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.