DAVENPORT & Co LLC Acquires 36,869 Shares of W.P. Carey Inc. (NYSE:WPC)

DAVENPORT & Co LLC raised its stake in W.P. Carey Inc. (NYSE:WPC - Free Report) by 30.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 157,359 shares of the real estate investment trust's stock after purchasing an additional 36,869 shares during the quarter. DAVENPORT & Co LLC owned about 0.07% of W.P. Carey worth $9,929,000 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. Millstone Evans Group LLC bought a new stake in shares of W.P. Carey in the fourth quarter worth $37,000. Bessemer Group Inc. boosted its holdings in shares of W.P. Carey by 118.6% in the 4th quarter. Bessemer Group Inc. now owns 741 shares of the real estate investment trust's stock valued at $40,000 after buying an additional 402 shares during the period. Fourth Dimension Wealth LLC bought a new stake in shares of W.P. Carey during the 4th quarter valued at about $44,000. Plato Investment Management Ltd bought a new position in W.P. Carey in the fourth quarter worth about $48,000. Finally, Hoey Investments Inc. acquired a new position in W.P. Carey in the fourth quarter valued at approximately $48,000. Hedge funds and other institutional investors own 73.73% of the company's stock.

W.P. Carey Stock Performance

Shares of NYSE:WPC traded down $0.33 during trading on Friday, reaching $63.00. The stock had a trading volume of 441,062 shares, compared to its average volume of 1,167,456. The stock has a fifty day simple moving average of $62.22 and a two-hundred day simple moving average of $59.90. W.P. Carey Inc. has a 52 week low of $52.91 and a 52 week high of $66.10. The firm has a market capitalization of $13.79 billion, a price-to-earnings ratio of 32.47, a P/E/G ratio of 7.05 and a beta of 0.78. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.92.

W.P. Carey (NYSE:WPC - Get Free Report) last issued its earnings results on Tuesday, April 29th. The real estate investment trust reported $1.17 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.03). The business had revenue of $407.44 million for the quarter, compared to the consensus estimate of $412.99 million. W.P. Carey had a net margin of 26.66% and a return on equity of 5.02%. The business's revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.14 EPS. As a group, analysts anticipate that W.P. Carey Inc. will post 4.87 earnings per share for the current fiscal year.

W.P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 5.71%. This is a positive change from W.P. Carey's previous quarterly dividend of $0.89. The ex-dividend date is Monday, June 30th. W.P. Carey's payout ratio is 185.57%.

Analyst Ratings Changes

A number of research analysts recently issued reports on WPC shares. Barclays set a $61.00 price objective on W.P. Carey and gave the company an "underweight" rating in a research report on Wednesday, May 21st. Evercore ISI lifted their price target on W.P. Carey from $65.00 to $66.00 and gave the company an "in-line" rating in a report on Wednesday. Royal Bank Of Canada boosted their price objective on W.P. Carey from $410.00 to $420.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. BNP Paribas set a $66.00 target price on W.P. Carey and gave the company a "neutral" rating in a research report on Monday, June 9th. Finally, Scotiabank boosted their price target on W.P. Carey from $59.00 to $63.00 and gave the stock a "sector perform" rating in a research report on Wednesday, March 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $100.60.

W.P. Carey Company Profile

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,424 net lease properties covering approximately 173 million square feet and a portfolio of 89 self-storage operating properties as of December 31, 2023.