Exchange Traded Concepts LLC Sells 13,484 Shares of W.P. Carey Inc. (NYSE:WPC)

Exchange Traded Concepts LLC reduced its position in W.P. Carey Inc. (NYSE:WPC - Free Report) by 18.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,941 shares of the real estate investment trust's stock after selling 13,484 shares during the period. Exchange Traded Concepts LLC's holdings in W.P. Carey were worth $3,783,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of WPC. Empowered Funds LLC increased its position in shares of W.P. Carey by 7.7% during the fourth quarter. Empowered Funds LLC now owns 3,778 shares of the real estate investment trust's stock worth $206,000 after acquiring an additional 271 shares in the last quarter. Van ECK Associates Corp increased its holdings in W.P. Carey by 0.4% during the 4th quarter. Van ECK Associates Corp now owns 99,091 shares of the real estate investment trust's stock worth $5,399,000 after purchasing an additional 358 shares in the last quarter. Rhumbline Advisers increased its holdings in W.P. Carey by 0.6% during the 4th quarter. Rhumbline Advisers now owns 662,113 shares of the real estate investment trust's stock worth $36,072,000 after purchasing an additional 3,709 shares in the last quarter. Allworth Financial LP raised its stake in shares of W.P. Carey by 0.5% in the fourth quarter. Allworth Financial LP now owns 136,470 shares of the real estate investment trust's stock worth $7,528,000 after purchasing an additional 643 shares during the last quarter. Finally, Nicholas Hoffman & Company LLC. lifted its holdings in shares of W.P. Carey by 32.0% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 18,317 shares of the real estate investment trust's stock valued at $998,000 after purchasing an additional 4,442 shares in the last quarter. Institutional investors and hedge funds own 73.73% of the company's stock.

W.P. Carey Stock Performance

Shares of WPC traded down $0.26 during mid-day trading on Friday, hitting $63.45. The stock had a trading volume of 869,603 shares, compared to its average volume of 1,209,007. W.P. Carey Inc. has a 52 week low of $52.91 and a 52 week high of $66.10. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.23 and a quick ratio of 0.23. The business has a fifty day moving average price of $61.75 and a 200-day moving average price of $59.41. The firm has a market cap of $13.89 billion, a P/E ratio of 32.74, a PEG ratio of 7.09 and a beta of 0.80.

W.P. Carey (NYSE:WPC - Get Free Report) last released its quarterly earnings data 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 analysts' expectations of $412.99 million. W.P. Carey had a net margin of 26.66% and a return on equity of 5.02%. W.P. Carey's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the company earned $1.14 earnings per share. On average, equities research analysts expect that W.P. Carey Inc. will post 4.87 EPS for the current year.

W.P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 5.67%. This is a positive change from W.P. Carey's previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Monday, June 30th. W.P. Carey's payout ratio is currently 185.57%.

Analysts Set New Price Targets

Several brokerages have weighed in on WPC. Barclays set a $61.00 price objective on W.P. Carey and gave the company an "underweight" rating in a research note on Wednesday, May 21st. BNP Paribas Exane upgraded shares of W.P. Carey from an "underperform" rating to a "neutral" rating and set a $66.00 price target on the stock in a report on Monday, June 9th. Scotiabank increased their price objective on shares of W.P. Carey from $59.00 to $63.00 and gave the company a "sector perform" rating in a research note on Wednesday, March 12th. Wells Fargo & Company boosted their target price on W.P. Carey from $58.00 to $66.00 and gave the stock an "equal weight" rating in a research note on Monday, March 10th. Finally, Royal Bank Of Canada increased their price target on W.P. Carey from $410.00 to $420.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $100.40.

About W.P. Carey

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.