W. P. Carey Inc. (NYSE:WPC) Stock Position Reduced by Covestor Ltd

Covestor Ltd cut its stake in shares of W. P. Carey Inc. (NYSE:WPC) by 63.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 415 shares of the real estate investment trust’s stock after selling 712 shares during the period. Covestor Ltd’s holdings in W. P. Carey were worth $26,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. XML Financial LLC grew its position in W. P. Carey by 5.1% in the third quarter. XML Financial LLC now owns 34,817 shares of the real estate investment trust’s stock worth $2,169,000 after acquiring an additional 1,684 shares in the last quarter. Demars Financial Group LLC grew its position in W. P. Carey by 2.2% in the third quarter. Demars Financial Group LLC now owns 9,883 shares of the real estate investment trust’s stock worth $616,000 after acquiring an additional 216 shares in the last quarter. Assetmark Inc. grew its position in W. P. Carey by 3.1% in the third quarter. Assetmark Inc. now owns 10,013 shares of the real estate investment trust’s stock worth $624,000 after acquiring an additional 304 shares in the last quarter. Verdence Capital Advisors LLC grew its position in W. P. Carey by 0.4% in the third quarter. Verdence Capital Advisors LLC now owns 117,012 shares of the real estate investment trust’s stock worth $7,290,000 after acquiring an additional 459 shares in the last quarter. Finally, Fiera Capital Corp bought a new stake in W. P. Carey in the third quarter worth approximately $226,000. 73.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on WPC shares. Scotiabank decreased their target price on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating for the company in a research report on Wednesday, August 7th. Evercore ISI upped their price objective 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. Barclays upped 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 report on Thursday, October 10th. Royal Bank of Canada decreased their price objective on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $63.00 price objective (up from $62.00) on shares of W. P. Carey in a report on Tuesday, October 1st. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $62.88.

W. P. Carey Price Performance

NYSE:WPC opened at $55.77 on Friday. The stock has a market cap of $12.21 billion, a P/E ratio of 21.96, a PEG ratio of 1.03 and a beta of 0.95. W. P. Carey Inc. has a one year low of $53.09 and a one year high of $67.40. The company has a fifty day moving average price of $59.52 and a 200 day moving average price of $58.19. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.00 and a quick ratio of 1.00.

W. P. Carey (NYSE:WPC) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 EPS 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 analyst estimates of $377.43 million. W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. W. P. Carey’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.32 earnings per share. Analysts anticipate that W. P. Carey Inc. will post 4.52 earnings per share for the current year.

W. P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $0.875 dividend. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date was Monday, September 30th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 6.28%. W. P. Carey’s dividend payout ratio is currently 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.