Vestcor Inc Acquires 27,138 Shares of W. P. Carey Inc. (NYSE:WPC)

Vestcor Inc lifted its holdings in shares of W. P. Carey Inc. (NYSE:WPC - Free Report) by 608.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,597 shares of the real estate investment trust's stock after buying an additional 27,138 shares during the period. Vestcor Inc's holdings in W. P. Carey were worth $1,968,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its position in W. P. Carey by 1,510.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust's stock worth $27,000 after acquiring an additional 453 shares in the last quarter. Quarry LP raised its holdings in shares of W. P. Carey by 175.9% in the 2nd quarter. Quarry LP now owns 560 shares of the real estate investment trust's stock valued at $31,000 after purchasing an additional 357 shares during the period. EdgeRock Capital LLC acquired a new stake in W. P. Carey in the 2nd quarter valued at about $39,000. Maia Wealth LLC acquired a new stake in W. P. Carey in the 3rd quarter valued at about $40,000. Finally, Ridgewood Investments LLC bought a new position in W. P. Carey during the second quarter worth about $41,000. Institutional investors own 73.73% of the company's stock.

Analyst Ratings Changes

WPC has been the subject of several research analyst reports. Evercore ISI lifted their target price on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an "in-line" rating in a report on Monday, September 16th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $63.00 target price (up previously from $62.00) on shares of W. P. Carey in a research report on Tuesday, October 1st. Barclays increased their target price on 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. Finally, UBS Group reduced their price target on 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. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $62.88.

W. P. Carey Trading Up 0.6 %

NYSE WPC traded up $0.35 on Thursday, hitting $55.89. The company's stock had a trading volume of 1,365,850 shares, compared to its average volume of 1,206,681. The company's 50-day moving average is $57.21 and its 200 day moving average is $57.99. The firm has a market cap of $12.23 billion, a PE ratio of 22.00, a PEG ratio of 1.04 and a beta of 0.96. W. P. Carey Inc. has a 1-year low of $53.09 and a 1-year high of $67.40. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.90.

W. P. Carey (NYSE:WPC - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $377.43 million. W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The company's quarterly revenue was down 11.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.32 EPS. As a group, analysts predict that W. P. Carey Inc. will post 4.52 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.88 per share. This is a positive change from W. P. Carey's previous quarterly dividend of $0.88. This represents a $3.52 annualized dividend and a dividend yield of 6.30%. W. P. Carey's dividend payout ratio is presently 137.80%.

W. P. Carey Company Profile

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.