Allworth Financial LP Invests $9.05 Million in W.P. Carey Inc. $WPC

Key Points

• Allworth Financial LP acquired 126,552 W.P. Carey shares during the second quarter, valued at approximately $9.05 million, giving it a 0.06% stake. Institutional investors collectively own 73.73% of the REIT.
• W.P. Carey raised its quarterly dividend to $0.94 per share, or $3.76 annualized, representing a 5.2% yield; its payout ratio is 128.33%.
• WPC shares opened at $72.12, while analysts maintain a mixed outlook with an average “Hold” rating and a $79.38 average price target.

Allworth Financial LP acquired a new position in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 126,552 shares of the real estate investment trust's stock, valued at approximately $9,048,000. Allworth Financial LP owned 0.06% of W.P. Carey at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WPC. Laurel Wealth Advisors LLC acquired a new position in W.P. Carey during the 4th quarter worth approximately $25,000. Commonwealth Retirement Investments LLC bought a new stake in shares of W.P. Carey in the fourth quarter worth $26,000. Osbon Capital Management LLC acquired a new position in W.P. Carey during the fourth quarter worth $29,000. Headlands Technologies LLC acquired a new position in W.P. Carey during the second quarter worth $30,000. Finally, Wealth Watch Advisors INC bought a new position in W.P. Carey in the third quarter valued at $33,000. 73.73% of the stock is currently owned by institutional investors.

W.P. Carey Stock Up 0.2%

Shares of WPC stock opened at $72.12 on Friday. W.P. Carey Inc. has a 52-week low of $63.08 and a 52-week high of $77.22. The stock has a market cap of $16.43 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 3.59 and a beta of 0.75. The firm's 50-day moving average is $72.82 and its 200-day moving average is $72.53. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.22 and a current ratio of 0.22.

W.P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.94 per share. The ex-dividend date was Tuesday, June 30th. This represents a $3.76 annualized dividend and a dividend yield of 5.2%. This is an increase from W.P. Carey's previous quarterly dividend of $0.93. W.P. Carey's dividend payout ratio is presently 128.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on WPC shares. Evercore set a $77.00 price target on shares of W.P. Carey in a research note on Thursday, July 30th. Royal Bank Of Canada upped their target price on W.P. Carey from $73.00 to $77.00 and gave the stock a "sector perform" rating in a report on Thursday, July 30th. Wolfe Research raised W.P. Carey from a "peer perform" rating to an "outperform" rating and set a $85.00 price target for the company in a research report on Monday, June 8th. Barclays raised their price target on W.P. Carey from $78.00 to $80.00 and gave the company an "underweight" rating in a research note on Wednesday, July 22nd. Finally, BMO Capital Markets lowered their price target on W.P. Carey from $86.00 to $84.00 and set an "outperform" rating on the stock in a research report on Thursday, June 18th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, W.P. Carey has an average rating of "Hold" and an average target price of $79.38.

W.P. Carey Company Profile

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.

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