W.P. Carey (NYSE:WPC) Announces Earnings Results, Misses Expectations By $0.09 EPS

Key Points

• W.P. Carey missed earnings expectations: The REIT reported quarterly EPS of $0.61, $0.09 below analysts’ $0.70 consensus, while revenue of $468.3 million exceeded estimates of $457.6 million.
• Shares declined 1.3% to $63.54 following the results, with the stock trading well below its 12-month high of $77.22.
• The company raised its quarterly dividend to $0.95 per share, equal to an annualized $3.80 and a 6.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $77.36.

W.P. Carey (NYSE:WPC - Get Free Report) posted its quarterly earnings data on Tuesday. The real estate investment trust reported $0.61 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.09), FiscalAI reports. The company had revenue of $468.30 million during the quarter, compared to analyst estimates of $457.57 million. W.P. Carey had a net margin of 36.34% and a return on equity of 7.81%.

W.P. Carey Stock Down 1.3%

NYSE WPC traded down $0.85 on Tuesday, hitting $63.54. 2,107,693 shares of the company were exchanged, compared to its average volume of 1,426,885. The company has a market cap of $14.48 billion, a PE ratio of 21.69, a PEG ratio of 3.23 and a beta of 0.75. W.P. Carey has a 12 month low of $62.24 and a 12 month high of $77.22. The stock has a fifty day moving average of $67.17 and a 200-day moving average of $70.87. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 1.01.

W.P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a dividend of $0.95 per share. This is a boost from W.P. Carey's previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend was Wednesday, September 30th. W.P. Carey's payout ratio is currently 129.69%.

Analysts Set New Price Targets

WPC has been the subject of several recent research reports. BNP Paribas Exane raised W.P. Carey from a "neutral" rating to an "outperform" rating and increased their price target for the company from $73.00 to $88.00 in a research note on Wednesday, July 29th. Wells Fargo & Company cut their price objective on W.P. Carey from $80.00 to $73.00 and set an "overweight" rating on the stock in a research note on Monday, October 19th. Barclays cut their price objective on W.P. Carey from $80.00 to $76.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 20th. Benchmark assumed coverage on W.P. Carey in a report on Tuesday, September 22nd. They issued a "buy" rating on the stock. Finally, Jefferies Financial Group assumed coverage on shares of W.P. Carey in a report on Tuesday, September 22nd. They set a "buy" rating and a $73.00 price target for the company. Nine equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $77.36.

W.P. Carey Company Profile

W.P. Carey Inc NYSE: WPC is a real estate investment trust specializing in the ownership and management of commercial properties under long-term, net lease agreements. In a net lease arrangement, tenants generally assume responsibility for property taxes, insurance and maintenance, allowing W.P. Carey to generate rental income with relatively predictable operating expenses.

The company's portfolio is diversified across industrial, warehouse, retail, self-storage and other commercial properties.

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