Perennial Investment Advisors LLC Sells 1,217 Shares of W. P. Carey Inc. (NYSE:WPC)

Perennial Investment Advisors LLC lowered its holdings in shares of W. P. Carey Inc. (NYSE:WPC) by 17.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 5,642 shares of the real estate investment trust’s stock after selling 1,217 shares during the quarter. Perennial Investment Advisors LLC’s holdings in W. P. Carey were worth $307,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. FMR LLC increased its stake in 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 worth $50,219,000 after buying an additional 409,593 shares during the period. Rockefeller Capital Management L.P. increased its position in shares of W. P. Carey by 33.9% during the third quarter. Rockefeller Capital Management L.P. now owns 20,623 shares of the real estate investment trust’s stock worth $1,285,000 after acquiring an additional 5,224 shares during the period. Benjamin Edwards Inc. increased its position in shares of W. P. Carey by 444.4% during the third quarter. Benjamin Edwards Inc. now owns 4,976 shares of the real estate investment trust’s stock worth $310,000 after acquiring an additional 4,062 shares during the period. Hilltop Holdings Inc. purchased a new stake in shares of W. P. Carey in the third quarter valued at approximately $291,000. Finally, Investment Management Corp of Ontario grew its stake in W. P. Carey by 46.7% in the third quarter. Investment Management Corp of Ontario now owns 7,229 shares of the real estate investment trust’s stock worth $450,000 after purchasing an additional 2,300 shares in the last quarter. Institutional investors own 73.73% of the company’s stock.

Wall Street Analyst Weigh In

WPC has been the subject of a number of research analyst reports. Scotiabank lifted their target price on W. P. Carey from $59.00 to $63.00 and gave the company a “sector perform” rating in a research report on Wednesday, March 12th. Royal Bank of Canada lifted their price objective on W. P. Carey from $61.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. Barclays increased their target price on shares of W. P. Carey from $56.00 to $60.00 and gave the stock an “underweight” rating in a report on Tuesday, March 4th. JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a report on Thursday, February 13th. Finally, Evercore ISI upped their target price on W. P. Carey from $60.00 to $64.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $63.75.

W. P. Carey Price Performance

NYSE:WPC opened at $59.08 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.95. W. P. Carey Inc. has a 52 week low of $52.91 and a 52 week high of $66.10. The stock’s 50-day moving average price is $60.66 and its 200-day moving average price is $58.33. The stock has a market capitalization of $12.94 billion, a PE ratio of 28.27, a price-to-earnings-growth ratio of 1.06 and a beta of 0.81.

W. P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.89 dividend. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from W. P. Carey’s previous quarterly dividend of $0.88. This represents a $3.56 dividend on an annualized basis and a dividend yield of 6.03%. W. P. Carey’s 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.