BlackRock Inc. Invests $2.37 Billion in W.P. Carey Inc. $WPC

Key Points

• BlackRock acquired 33.17 million W.P. Carey shares worth approximately $2.37 billion, giving it a 14.56% stake in the real estate investment trust.
• Analyst sentiment remains mixed: seven analysts rate WPC a Buy, six Hold, and one Sell, with an average price target of $79.38 versus a recent share price of $71.92.
• W.P. Carey increased its quarterly dividend to $0.94 per share, equivalent to an annualized $3.76 payout and a 5.2% yield.

BlackRock Inc. bought a new position in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 33,172,035 shares of the real estate investment trust's stock, valued at approximately $2,371,801,000. BlackRock Inc. owned about 14.56% of W.P. Carey as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Laurel Wealth Advisors LLC purchased a new stake in shares of W.P. Carey during the 4th quarter worth approximately $25,000. Commonwealth Retirement Investments LLC purchased a new position in shares of W.P. Carey in the 4th quarter valued at $26,000. Osbon Capital Management LLC purchased a new position in shares of W.P. Carey in the 4th quarter valued at $29,000. Headlands Technologies LLC purchased a new position in shares of W.P. Carey in the 2nd quarter valued at $30,000. Finally, Wealth Watch Advisors INC acquired a new stake in W.P. Carey during the 3rd quarter worth $33,000. 73.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WPC has been the subject of a number of research reports. Wells Fargo & Company boosted their price target on shares of W.P. Carey from $77.00 to $80.00 and gave the company an "overweight" rating in a research report on Monday, June 1st. BNP Paribas Exane raised W.P. Carey from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $73.00 to $88.00 in a report on Wednesday, July 29th. Scotiabank lifted their target price on W.P. Carey from $76.00 to $77.00 and gave the stock a "sector perform" rating in a research report on Thursday, August 13th. Bank of America raised W.P. Carey from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $73.00 to $83.00 in a report on Tuesday, June 16th. Finally, UBS Group reissued a "neutral" rating on shares of W.P. Carey in a research report on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $79.38.

W.P. Carey Stock Performance

Shares of WPC opened at $71.92 on Thursday. The company's 50 day simple moving average is $72.89 and its 200-day simple moving average is $72.52. The firm has a market cap of $16.38 billion, a PE ratio of 24.55, a price-to-earnings-growth ratio of 3.54 and a beta of 0.75. W.P. Carey Inc. has a 12-month low of $63.08 and a 12-month high of $77.22. 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.94 dividend. This is a boost from W.P. Carey's previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date was Tuesday, June 30th. W.P. Carey's dividend payout ratio (DPR) is presently 128.33%.

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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