Peddock Capital Advisors LLC reduced its stake in shares of W. P. Carey Inc. (NYSE:WPC – Free Report) by 12.1% in the 4th quarter, Holdings Channel reports. The fund owned 7,711 shares of the real estate investment trust’s stock after selling 1,066 shares during the period. Peddock Capital Advisors LLC’s holdings in W. P. Carey were worth $420,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also bought and sold shares of the company. Wedbush Securities Inc. purchased a new stake in W. P. Carey during the second quarter worth $209,000. Choreo LLC acquired a new stake in shares of W. P. Carey during the 2nd quarter valued at about $418,000. LPL Financial LLC raised its holdings in W. P. Carey by 6.0% in the 2nd quarter. LPL Financial LLC now owns 767,971 shares of the real estate investment trust’s stock worth $42,277,000 after purchasing an additional 43,264 shares during the period. American Century Companies Inc. raised its holdings in W. P. Carey by 8.1% in the 2nd quarter. American Century Companies Inc. now owns 63,802 shares of the real estate investment trust’s stock worth $3,512,000 after purchasing an additional 4,766 shares during the period. Finally, Cornercap Investment Counsel Inc. purchased a new position in W. P. Carey during the second quarter worth approximately $524,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.
Wall Street Analyst Weigh In
WPC has been the subject of several research analyst reports. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $63.00 target price (up from $62.00) on shares of W. P. Carey in a research note on Tuesday, October 1st. Evercore ISI lifted their price target on W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Barclays reissued an “underweight” rating and issued a $59.00 price objective (up from $56.00) on shares of W. P. Carey in a research note on Tuesday, December 17th. UBS Group dropped 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, JMP Securities restated a “market perform” rating on shares of W. P. Carey in a report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $62.57.
W. P. Carey Trading Down 0.6 %
Shares of NYSE:WPC traded down $0.31 during mid-day trading on Monday, reaching $53.57. 1,487,442 shares of the company were exchanged, compared to its average volume of 1,238,153. W. P. Carey Inc. has a 1 year low of $52.91 and a 1 year high of $67.17. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.00 and a quick ratio of 1.00. The firm’s 50-day simple moving average is $55.62 and its 200 day simple moving average is $57.86. The firm has a market cap of $11.72 billion, a price-to-earnings ratio of 21.09, a P/E/G ratio of 1.04 and a beta of 0.97.
W. P. Carey (NYSE:WPC – Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the firm posted $1.32 earnings per share. The company’s quarterly revenue was down 11.9% compared to the same quarter last year. Equities research analysts forecast that W. P. Carey Inc. will post 4.5 EPS for the current year.
W. P. Carey Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.88 dividend. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date is Tuesday, December 31st. This represents a $3.52 annualized dividend and a dividend yield of 6.57%. W. P. Carey’s dividend payout ratio (DPR) is presently 138.58%.
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.
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