Geode Capital Management LLC lifted its stake in shares of W. P. Carey Inc. (NYSE:WPC - Free Report) by 3.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,709,028 shares of the real estate investment trust's stock after purchasing an additional 135,090 shares during the period. Geode Capital Management LLC owned 2.15% of W. P. Carey worth $256,201,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in WPC. Norges Bank bought a new stake in W. P. Carey during the fourth quarter worth $139,381,000. Raymond James Financial Inc. acquired a new position in shares of W. P. Carey during the 4th quarter worth about $31,442,000. FMR LLC raised its holdings in shares of W. P. Carey by 103.3% in the 3rd quarter. FMR LLC now owns 806,082 shares of the real estate investment trust's stock valued at $50,219,000 after purchasing an additional 409,593 shares during the period. Equity Investment Corp lifted its stake in 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 valued at $101,918,000 after purchasing an additional 389,107 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in W. P. Carey by 21.1% during the third quarter. JPMorgan Chase & Co. now owns 1,514,049 shares of the real estate investment trust's stock worth $94,325,000 after purchasing an additional 264,230 shares during the period. Institutional investors and hedge funds own 73.73% of the company's stock.
W. P. Carey Stock Performance
Shares of WPC stock traded down $1.84 on Thursday, hitting $56.67. The company's stock had a trading volume of 243,617 shares, compared to its average volume of 1,182,211. W. P. Carey Inc. has a fifty-two week low of $52.91 and a fifty-two week high of $66.10. The company has a market capitalization of $12.41 billion, a PE ratio of 27.19, a PEG ratio of 1.06 and a beta of 0.81. The stock's 50 day moving average is $60.80 and its 200-day moving average is $58.20. 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 Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.89 per share. 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 annualized dividend and a dividend yield of 6.28%. W. P. Carey's dividend payout ratio (DPR) is currently 170.33%.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on WPC. BMO Capital Markets upgraded W. P. Carey from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $60.00 to $67.00 in a research note on Tuesday, February 18th. JMP Securities restated a "market perform" rating on shares of W. P. Carey in a research note on Thursday, February 13th. Wells Fargo & Company lifted their price objective on shares of W. P. Carey from $58.00 to $66.00 and gave the stock an "equal weight" rating in a research report on Monday, March 10th. Evercore ISI upped their price objective on shares of W. P. Carey from $60.00 to $64.00 and gave the company an "in-line" rating in a report on Wednesday, February 19th. Finally, Scotiabank raised their target price on shares of W. P. Carey from $59.00 to $63.00 and gave the stock a "sector perform" rating in a research note on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, W. P. Carey currently has an average rating of "Hold" and an average price target of $63.75.
Check Out Our Latest Report on WPC
W. P. Carey Profile
(
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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