PNC Financial Services Group Inc. Sells 884 Shares of W. P. Carey Inc. (NYSE:WPC)

PNC Financial Services Group Inc. lessened its holdings in W. P. Carey Inc. (NYSE:WPC) by 3.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,809 shares of the real estate investment trust’s stock after selling 884 shares during the quarter. PNC Financial Services Group Inc.’s holdings in W. P. Carey were worth $1,795,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. HB Wealth Management LLC boosted its stake in W. P. Carey by 247.3% in the second quarter. HB Wealth Management LLC now owns 12,419 shares of the real estate investment trust’s stock valued at $684,000 after buying an additional 8,843 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of W. P. Carey by 41.9% in the 3rd quarter. SG Americas Securities LLC now owns 156,373 shares of the real estate investment trust’s stock valued at $9,742,000 after purchasing an additional 46,181 shares in the last quarter. Equity Investment Corp grew its holdings in shares of W. P. Carey by 0.7% during the 3rd quarter. Equity Investment Corp now owns 1,481,627 shares of the real estate investment trust’s stock valued at $92,305,000 after purchasing an additional 9,610 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of W. P. Carey by 69.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 22,819 shares of the real estate investment trust’s stock valued at $1,319,000 after purchasing an additional 9,353 shares during the last quarter. Finally, QRG Capital Management Inc. increased its position in W. P. Carey by 9.8% during the 2nd quarter. QRG Capital Management Inc. now owns 108,156 shares of the real estate investment trust’s stock worth $5,954,000 after purchasing an additional 9,619 shares in the last quarter. Institutional investors own 73.73% of the company’s stock.

W. P. Carey Stock Down 1.2 %

W. P. Carey stock opened at $56.84 on Wednesday. The firm has a 50 day moving average price of $58.83 and a two-hundred day moving average price of $58.22. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.00 and a current ratio of 1.00. W. P. Carey Inc. has a 52-week low of $53.09 and a 52-week high of $67.40. The firm has a market cap of $12.44 billion, a price-to-earnings ratio of 22.38, a PEG ratio of 1.06 and a beta of 0.95.

W. P. Carey (NYSE:WPC) last released its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.62). W. P. Carey had a net margin of 35.12% and a return on equity of 6.45%. The firm had revenue of $394.78 million during the quarter, compared to analyst estimates of $377.43 million. During the same quarter in the previous year, the firm earned $1.32 EPS. W. P. Carey’s quarterly revenue was down 11.9% on a year-over-year basis. Equities analysts predict that W. P. Carey Inc. will post 4.52 EPS for the current year.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.875 per share. The ex-dividend date was Monday, September 30th. This represents a $3.50 annualized dividend and a yield of 6.16%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s dividend payout ratio (DPR) is currently 137.80%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Barclays raised their target price on shares of W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. UBS Group reduced their price objective on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Scotiabank dropped their target price on 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. Wells Fargo & Company restated an “equal weight” rating and set a $63.00 price target (up from $62.00) on shares of W. P. Carey in a report on Tuesday, October 1st. Finally, Royal Bank of Canada dropped 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. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $62.88.

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.