Korea Investment CORP Acquires Shares of 307,843 W.P. Carey Inc. $WPC

Key Points

• Korea Investment CORP acquired 307,843 shares of W.P. Carey in the second quarter, valued at approximately $22 million, giving it a 0.14% stake. Institutional investors collectively own 73.73% of the REIT.
• Analysts maintain a mixed outlook, with W.P. Carey receiving an average “Hold” rating and an average price target of $79.38, compared with the stock’s reported opening price of $71.31.
• W.P. Carey raised its quarterly dividend to $0.94 per share, equivalent to $3.76 annually and a 5.3% yield; however, its payout ratio stands at 128.33%.

Korea Investment CORP purchased a new position in W.P. Carey Inc. (NYSE:WPC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 307,843 shares of the real estate investment trust's stock, valued at approximately $22,011,000. Korea Investment CORP owned 0.14% of W.P. Carey at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in W.P. Carey in the second quarter worth $2,371,801,000. Invesco Ltd. boosted its stake in W.P. Carey by 416.8% in the third quarter. Invesco Ltd. now owns 3,892,462 shares of the real estate investment trust's stock worth $263,014,000 after buying an additional 3,139,266 shares in the last quarter. Norges Bank bought a new position in W.P. Carey during the fourth quarter valued at approximately $184,035,000. Bank of New York Mellon Corp bought a new position in W.P. Carey during the second quarter valued at approximately $164,853,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of W.P. Carey by 31,629.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,163,285 shares of the real estate investment trust's stock worth $139,229,000 after acquiring an additional 2,156,467 shares in the last quarter. 73.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on WPC shares. UBS Group reaffirmed a "neutral" rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Evercore set a $77.00 price target on shares of W.P. Carey in a research note on Thursday, July 30th. Barclays upped their price target on shares of W.P. Carey from $78.00 to $80.00 and gave the company an "underweight" rating in a research report on Wednesday, July 22nd. BMO Capital Markets reduced their price objective on W.P. Carey from $86.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, June 18th. Finally, Bank of America upgraded W.P. Carey from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $73.00 to $83.00 in a report on Tuesday, June 16th. Seven investment 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 currently has an average rating of "Hold" and an average price target of $79.38.

W.P. Carey Trading Up 0.2%

Shares of WPC opened at $71.31 on Monday. The stock has a market capitalization of $16.25 billion, a P/E ratio of 24.34, a PEG ratio of 3.55 and a beta of 0.75. W.P. Carey Inc. has a twelve month low of $63.08 and a twelve month high of $77.22. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01. The firm has a fifty day simple moving average of $72.71 and a two-hundred day simple moving average of $72.55.

W.P. Carey Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.94 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.3%. This is an increase from W.P. Carey's previous quarterly dividend of $0.93. W.P. Carey's dividend payout ratio is 128.33%.

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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