Scotiabank Cuts W.P. Carey (NYSE:WPC) Price Target to $68.00

Key Points

• Scotiabank lowered W.P. Carey’s price target from $76 to $68 while maintaining a “sector perform” rating, implying roughly 2.15% upside from the $66.57 share price.
• Analyst sentiment remains generally positive: W.P. Carey has nine Buy ratings and seven Holds, with a consensus rating of “Moderate Buy” and an average price target of $78.14.
• Institutional investors own 73.73% of the stock, while W.P. Carey shares remain below their 52-week high of $77.22 and have recently traded below their 50- and 200-day moving averages.

W.P. Carey (NYSE:WPC - Get Free Report) had its price target dropped by Scotiabank from $76.00 to $68.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's price target would suggest a potential upside of 2.15% from the company's current price.

A number of other research analysts also recently commented on WPC. Wolfe Research raised shares of W.P. Carey from a "peer perform" rating to an "outperform" rating and set a $85.00 price target for the company in a report on Monday, June 8th. Jefferies Financial Group initiated coverage on W.P. Carey in a research report on Tuesday. They set a "buy" rating and a $73.00 price objective on the stock. BMO Capital Markets lowered their price objective on W.P. Carey from $86.00 to $84.00 and set an "outperform" rating for the company in a research note on Thursday, June 18th. BNP Paribas Exane upgraded W.P. Carey from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $73.00 to $88.00 in a report on Wednesday, July 29th. Finally, Weiss Ratings cut W.P. Carey from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, September 18th. Nine analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $78.14.

W.P. Carey Stock Performance

Shares of NYSE:WPC opened at $66.57 on Thursday. W.P. Carey has a 52 week low of $63.08 and a 52 week high of $77.22. The stock has a market capitalization of $15.17 billion, a P/E ratio of 22.72, a PEG ratio of 3.32 and a beta of 0.75. The firm has a fifty day simple moving average of $71.37 and a two-hundred day simple moving average of $71.99. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01.

Hedge Funds Weigh In On W.P. Carey

Several hedge funds have recently added to or reduced their stakes in WPC. QRG Capital Management Inc. lifted its stake in W.P. Carey by 8.1% in the second quarter. QRG Capital Management Inc. now owns 46,736 shares of the real estate investment trust's stock worth $3,342,000 after purchasing an additional 3,493 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of W.P. Carey by 5.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 9,468 shares of the real estate investment trust's stock valued at $677,000 after buying an additional 502 shares during the last quarter. Andra AP fonden grew its stake in shares of W.P. Carey by 4,926.6% during the second quarter. Andra AP fonden now owns 47,300 shares of the real estate investment trust's stock valued at $3,382,000 after buying an additional 46,359 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of W.P. Carey by 23.5% in the second quarter. Tidal Investments LLC now owns 14,635 shares of the real estate investment trust's stock worth $1,046,000 after buying an additional 2,785 shares during the period. Finally, MCF Advisors LLC raised its holdings in shares of W.P. Carey by 96.1% in the second quarter. MCF Advisors LLC now owns 2,126 shares of the real estate investment trust's stock worth $154,000 after buying an additional 1,042 shares during the period. 73.73% of the stock is currently owned by institutional investors.

About W.P. Carey

W.P. Carey Inc NYSE: WPC is a diversified real estate investment trust that owns and manages a portfolio of commercial properties leased to companies under long-term, primarily net lease agreements. Under these arrangements, tenants generally assume responsibility for property taxes, insurance and maintenance, allowing W.P. Carey to generate contractual rental income.

The company invests in and provides sale-leaseback and build-to-suit financing solutions for businesses. Its portfolio has historically included industrial and warehouse facilities, retail properties, office buildings, self-storage facilities and other commercial real estate.

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