Vestcor Inc Has $282,000 Stake in W.P. Carey Inc. (NYSE:WPC)

Key Points

• Vestcor Inc significantly reduced its stake in W.P. Carey Inc. by 93.6%, owning just 4,474 shares worth $282,000 after selling 65,166 shares in the first quarter.
• W.P. Carey recently declared a quarterly dividend of $0.90 per share, reflecting a dividend yield of 5.4%, an increase from the previous dividend of $0.89.
• The company's stock has shown resilience, with a recent trading price of $66.17, and it outperformed earnings expectations with a reported EPS of $1.28.

Vestcor Inc cut its stake in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) by 93.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,474 shares of the real estate investment trust's stock after selling 65,166 shares during the quarter. Vestcor Inc's holdings in W.P. Carey were worth $282,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. von Borstel & Associates Inc. purchased a new position in W.P. Carey in the 1st quarter valued at about $26,000. TCTC Holdings LLC grew its position in shares of W.P. Carey by 100.8% during 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 in the last quarter. Bessemer Group Inc. grew its position in shares of W.P. Carey by 118.6% during the fourth quarter. Bessemer Group Inc. now owns 741 shares of the real estate investment trust's stock worth $40,000 after buying an additional 402 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in shares of W.P. Carey during the fourth quarter worth approximately $44,000. Finally, Quarry LP acquired a new stake in shares of W.P. Carey during the fourth quarter worth approximately $50,000. 73.73% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on WPC shares. BNP Paribas set a $66.00 target price on W.P. Carey and gave the company a "neutral" rating in a research note on Monday, June 9th. Royal Bank Of Canada raised their target price on W.P. Carey from $66.00 to $67.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. UBS Group reduced 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. BNP Paribas Exane raised 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. Finally, Barclays set a $61.00 price objective on shares of W.P. Carey and gave the stock an "underweight" rating in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $65.00.

W.P. Carey Stock Performance

W.P. Carey stock traded up $0.09 during trading hours on Tuesday, reaching $66.17. 1,175,219 shares of the company were exchanged, compared to its average volume of 1,357,340. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of 43.53, a PEG ratio of 6.49 and a beta of 0.78. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.97. The stock has a 50-day moving average of $63.18 and a 200 day moving average of $61.32. W.P. Carey Inc. has a 12 month low of $52.91 and a 12 month high of $66.64.

W.P. Carey (NYSE:WPC - Get Free Report) last announced its earnings results on Tuesday, July 29th. The real estate investment trust reported $1.28 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $430.78 million during the quarter, compared to analysts' expectations of $420.99 million. During the same quarter in the prior year, the business earned $1.17 earnings per share. The company's revenue was up 10.5% on a year-over-year basis. As a group, research analysts anticipate 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. Stockholders of record on Monday, June 30th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 5.4%. This is a boost from W.P. Carey's previous quarterly dividend of $0.89. The ex-dividend date was Monday, June 30th. W.P. Carey's dividend payout ratio is presently 236.84%.

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.