Corebridge Financial Inc. Cuts Position in W. P. Carey Inc. (NYSE:WPC)

Corebridge Financial Inc. decreased its position in shares of W. P. Carey Inc. (NYSE:WPC) by 4.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 247,618 shares of the real estate investment trust’s stock after selling 11,161 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of W. P. Carey worth $13,490,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in WPC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of W. P. Carey by 660.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,054,080 shares of the real estate investment trust’s stock valued at $127,969,000 after buying an additional 1,784,131 shares in the last quarter. Raymond James Financial Inc. bought a new position in W. P. Carey during the fourth quarter valued at approximately $31,442,000. FMR LLC raised its stake in shares of W. P. Carey by 103.3% during the third quarter. FMR LLC now owns 806,082 shares of the real estate investment trust’s stock worth $50,219,000 after acquiring an additional 409,593 shares in the last quarter. Equity Investment Corp lifted its holdings in shares of 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 worth $101,918,000 after acquiring an additional 389,107 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of W. P. Carey by 21.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,514,049 shares of the real estate investment trust’s stock valued at $94,325,000 after purchasing an additional 264,230 shares during the last quarter. Institutional investors own 73.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WPC. BMO Capital Markets raised W. P. Carey from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $60.00 to $67.00 in a research note on Tuesday, February 18th. Scotiabank lifted 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. Barclays upped their price objective on shares of W. P. Carey from $56.00 to $60.00 and gave the company an “underweight” rating in a research note on Tuesday, March 4th. Evercore ISI raised their target price on W. P. Carey from $60.00 to $64.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Finally, JMP Securities reiterated a “market perform” rating on shares of W. P. Carey in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $63.75.

W. P. Carey Stock Up 0.3 %

Shares of NYSE:WPC opened at $61.59 on Wednesday. The firm has a market capitalization of $13.48 billion, a P/E ratio of 29.47, a P/E/G ratio of 1.06 and a beta of 0.95. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a 50 day moving average price of $59.59 and a 200-day moving average price of $58.37. W. P. Carey Inc. has a 52-week low of $52.91 and a 52-week high of $66.10.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $0.89 dividend. This is an increase from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, March 31st. This represents a $3.56 dividend on an annualized basis and a yield of 5.78%. W. P. Carey’s dividend payout ratio is 170.33%.

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.