Bank of America Corp DE Boosts Stake in W.P. Carey Inc. $WPC

Key Points

• Bank of America increased its W.P. Carey stake by 2.4% in the first quarter to 1.37 million shares valued at approximately $92.8 million. Institutional investors collectively own 73.73% of the REIT.
• W.P. Carey shares opened at $71.75, near the middle of their 52-week range, while the company raised its quarterly dividend to $0.94 per share, representing a 5.2% annualized yield.
• Analyst sentiment remains mixed, with seven Buy, six Hold, and one Sell rating. The consensus price target is $79.31, although recent targets ranged from $76 to $88.

Bank of America Corp DE increased its holdings in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,365,724 shares of the real estate investment trust's stock after acquiring an additional 31,476 shares during the quarter. Bank of America Corp DE owned about 0.61% of W.P. Carey worth $92,815,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Invesco Ltd. boosted its holdings in shares of W.P. Carey by 1.6% during the 2nd quarter. Invesco Ltd. now owns 753,196 shares of the real estate investment trust's stock worth $46,984,000 after purchasing an additional 11,635 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in shares of W.P. Carey in the second quarter valued at approximately $115,000. Bank of Nova Scotia increased its holdings in shares of W.P. Carey by 7.3% in the second quarter. Bank of Nova Scotia now owns 8,164 shares of the real estate investment trust's stock valued at $509,000 after purchasing an additional 555 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in W.P. Carey during the second quarter worth approximately $3,494,000. Finally, Sei Investments Co. lifted its position in W.P. Carey by 73.0% during the second quarter. Sei Investments Co. now owns 96,983 shares of the real estate investment trust's stock worth $6,050,000 after buying an additional 40,908 shares in the last quarter. Hedge funds and other institutional investors own 73.73% of the company's stock.

W.P. Carey Trading Down 0.1%

WPC opened at $71.75 on Friday. W.P. Carey Inc. has a one year low of $63.08 and a one year high of $77.22. The stock has a market capitalization of $16.35 billion, a PE ratio of 24.49, a P/E/G ratio of 3.58 and a beta of 0.75. The business's 50 day moving average price is $73.38 and its 200 day moving average price is $72.38. 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 declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.94 per share. The ex-dividend date was Tuesday, June 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.2%. This is a boost from W.P. Carey's previous quarterly dividend of $0.93. W.P. Carey's dividend payout ratio (DPR) is currently 128.33%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on WPC. BNP Paribas Exane upgraded W.P. Carey from a "neutral" rating to an "outperform" rating and upped their target price for the company from $73.00 to $88.00 in a report on Wednesday, July 29th. Scotiabank reduced their price target on W.P. Carey from $79.00 to $76.00 and set a "sector perform" rating on the stock in a report on Thursday, June 18th. BMO Capital Markets lowered their price target on shares of 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. Bank of America raised shares of W.P. Carey from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $73.00 to $83.00 in a research report on Tuesday, June 16th. Finally, UBS Group reissued a "neutral" rating on shares of W.P. Carey in a report on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $79.31.

About W.P. Carey

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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