Laraway Financial Advisors Inc Acquires New Stake in W.P. Carey Inc. $WPC

Key Points

• Laraway Financial Advisors Inc has acquired a new stake in W.P. Carey Inc., purchasing 5,989 shares valued at approximately $378,000 in the first quarter of the year.
• W.P. Carey recently declared a quarterly dividend of $0.90, which is an increase from the previous dividend of $0.89, yielding 5.5% annually.
• Analysts have set new price targets for W.P. Carey, with ratings ranging from "sell" to "buy," resulting in an average target price of $65.33 and a general recommendation of "Hold."

Laraway Financial Advisors Inc acquired a new stake in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,989 shares of the real estate investment trust's stock, valued at approximately $378,000.

Several other hedge funds have also added to or reduced their stakes in the stock. von Borstel & Associates Inc. purchased a new position in shares of W.P. Carey in the 1st quarter worth about $26,000. TCTC Holdings LLC raised its holdings in W.P. Carey by 100.8% in the first quarter. TCTC Holdings LLC now owns 482 shares of the real estate investment trust's stock worth $30,000 after buying an additional 242 shares during the last quarter. Cheviot Value Management LLC purchased a new position in W.P. Carey in the first quarter worth about $37,000. Fourth Dimension Wealth LLC bought a new position in shares of W.P. Carey in the fourth quarter worth approximately $44,000. Finally, Quarry LP purchased a new stake in shares of W.P. Carey during the fourth quarter valued at approximately $50,000. 73.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

WPC has been the subject of a number of recent analyst reports. Evercore ISI boosted their price objective on shares of W.P. Carey from $65.00 to $66.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Royal Bank Of Canada boosted their price target on W.P. Carey from $66.00 to $67.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. BNP Paribas Exane raised 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. 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. Finally, BNP Paribas set a $66.00 target price on W.P. Carey and gave the stock a "neutral" rating in a research report on Monday, June 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, W.P. Carey presently has an average rating of "Hold" and an average target price of $65.33.

W.P. Carey Stock Performance

WPC stock opened at $65.14 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.19 and a quick ratio of 0.19. W.P. Carey Inc. has a 1 year low of $52.91 and a 1 year high of $66.64. The company has a market cap of $14.27 billion, a P/E ratio of 42.86, a price-to-earnings-growth ratio of 9.51 and a beta of 0.78. The stock's fifty day moving average price is $63.65 and its 200-day moving average price is $61.91.

W.P. Carey (NYSE:WPC - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.05. W.P. Carey had a return on equity of 4.00% and a net margin of 20.42%. The business had revenue of $430.78 million during the quarter, compared to the consensus estimate of $420.99 million. During the same period in the previous year, the company posted $1.17 EPS. The business's quarterly revenue was up 10.5% compared to the same quarter last year. On average, equities analysts forecast that W.P. Carey Inc. will post 4.87 earnings per share for the current year.

W.P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.90 dividend. The ex-dividend date was Monday, June 30th. This is a boost from W.P. Carey's previous quarterly dividend of $0.89. This represents a $3.60 annualized dividend and a yield of 5.5%. W.P. Carey's payout ratio is 236.84%.

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.

Want to see what other hedge funds are holding WPC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for W.P. Carey Inc. (NYSE:WPC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.