Prudential PLC Raises Stock Position in W.P. Carey Inc. (NYSE:WPC)

Prudential PLC grew its holdings in W.P. Carey Inc. (NYSE:WPC - Free Report) by 64.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,990 shares of the real estate investment trust's stock after buying an additional 8,592 shares during the period. Prudential PLC's holdings in W.P. Carey were worth $1,388,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of W.P. Carey by 13.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,087 shares of the real estate investment trust's stock worth $758,000 after purchasing an additional 1,442 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of W.P. Carey by 4.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 606,427 shares of the real estate investment trust's stock worth $38,272,000 after purchasing an additional 26,665 shares during the period. Capital Advisors Inc. OK purchased a new position in shares of W.P. Carey during the 1st quarter worth about $345,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of W.P. Carey by 6.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,188,603 shares of the real estate investment trust's stock worth $119,235,000 after purchasing an additional 134,523 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of W.P. Carey by 36.1% during the 1st quarter. GAMMA Investing LLC now owns 2,570 shares of the real estate investment trust's stock worth $162,000 after purchasing an additional 681 shares during the period. 73.73% of the stock is owned by hedge funds and other institutional investors.

W.P. Carey Trading Down 0.8%

NYSE:WPC opened at $65.19 on Friday. W.P. Carey Inc. has a one year low of $52.91 and a one year high of $66.64. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.19 and a current ratio of 0.19. The firm has a market cap of $14.28 billion, a P/E ratio of 42.89, a P/E/G ratio of 9.60 and a beta of 0.78. The firm has a 50-day simple moving average of $63.60 and a 200-day simple moving average of $61.75.

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

W.P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $0.90 per share. This is a boost from W.P. Carey's previous quarterly dividend of $0.89. The ex-dividend date was Monday, June 30th. This represents a $3.60 annualized dividend and a dividend yield of 5.5%. W.P. Carey's dividend payout ratio (DPR) is presently 236.84%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on WPC. Royal Bank Of Canada lifted their price target on shares of W.P. Carey from $66.00 to $67.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Evercore ISI lifted their price target on shares of W.P. Carey from $65.00 to $66.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. BNP Paribas Exane upgraded shares of W.P. Carey from an "underperform" rating to a "neutral" rating and set a $66.00 price objective for the company in a report on Monday, June 9th. UBS Group decreased their price objective on shares of W.P. Carey from $66.00 to $63.00 and set a "neutral" rating for the company in a report on Tuesday, May 13th. Finally, Barclays set a $61.00 price objective on shares of W.P. Carey and gave the company an "underweight" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $65.00.

W.P. Carey 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.

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