TT Capital Management LLC Sells 18,189 Shares of W.P. Carey Inc. $WPC

Key Points

• TT Capital Management cut its W.P. Carey stake by 69.7% in the third quarter, selling 18,189 shares and retaining 7,919 shares valued at approximately $512,000. Institutional investors overall own 73.73% of the company.
• Analyst sentiment remains positive, with nine Buy ratings and seven Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $78.14.
• W.P. Carey raised its quarterly dividend from $0.94 to $0.95 per share, implying an annualized dividend of $3.80 and a 5.9% yield. Shares recently traded at $64.92.

TT Capital Management LLC lowered its position in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) by 69.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,919 shares of the real estate investment trust's stock after selling 18,189 shares during the period. TT Capital Management LLC's holdings in W.P. Carey were worth $512,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of W.P. Carey in the second quarter worth $2,371,801,000. Dimensional Fund Advisors LP raised its position in shares of W.P. Carey by 4.9% in the first quarter. Dimensional Fund Advisors LP now owns 3,348,132 shares of the real estate investment trust's stock worth $227,539,000 after buying an additional 155,857 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of W.P. Carey in the second quarter worth $189,315,000. Bank of New York Mellon Corp boosted its stake in W.P. Carey by 1.6% during the first quarter. Bank of New York Mellon Corp now owns 2,353,944 shares of the real estate investment trust's stock valued at $159,974,000 after buying an additional 37,649 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in W.P. Carey by 3.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,270,499 shares of the real estate investment trust's stock valued at $162,341,000 after buying an additional 65,284 shares during the period. Hedge funds and other institutional investors own 73.73% of the company's stock.

Analyst Upgrades and Downgrades

WPC has been the subject of several recent analyst reports. Barclays upgraded W.P. Carey from an "underweight" rating to an "equal weight" rating and set a $80.00 target price for the company in a research report on Friday, September 4th. Jefferies Financial Group began coverage on W.P. Carey in a report on Tuesday, September 22nd. They issued a "buy" rating and a $73.00 price target on the stock. Royal Bank Of Canada lifted their price target on W.P. Carey from $73.00 to $77.00 and gave the company a "sector perform" rating in a research report on Thursday, July 30th. UBS Group reiterated a "neutral" rating on shares of W.P. Carey in a research report on Wednesday, July 29th. Finally, Benchmark initiated coverage on W.P. Carey in a report on Tuesday, September 22nd. They set a "buy" rating for the company. Nine investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, W.P. Carey currently has a consensus rating of "Moderate Buy" and an average target price of $78.14.

W.P. Carey Price Performance

NYSE WPC traded up $1.36 on Thursday, reaching $64.92. 672,807 shares of the company's stock traded hands, compared to its average volume of 1,408,728. The stock has a market cap of $14.79 billion, a PE ratio of 22.16, a P/E/G ratio of 3.22 and a beta of 0.75. W.P. Carey Inc. has a 12 month low of $62.24 and a 12 month high of $77.22. The stock has a 50-day simple moving average of $68.28 and a 200 day simple moving average of $71.38. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.22 and a quick ratio of 0.22.

W.P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.95 per share. This is an increase from W.P. Carey's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date is Wednesday, September 30th. W.P. Carey's dividend payout ratio (DPR) is currently 129.69%.

About W.P. Carey

W.P. Carey Inc NYSE: WPC is a real estate investment trust that owns and manages a diversified portfolio of commercial properties. The company primarily invests in single-tenant, operationally critical properties that are leased to companies under long-term, net lease agreements. These arrangements generally require tenants to pay property taxes, insurance and maintenance costs, subject to the terms of each lease.

Its portfolio has historically included industrial, warehouse, retail, office and self-storage properties, with a focus on assets leased to established businesses across a range of industries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.