Cornercap Investment Counsel Inc. increased its position in W.P. Carey Inc. (NYSE:WPC - Free Report) by 88.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,737 shares of the real estate investment trust's stock after buying an additional 5,510 shares during the period. Cornercap Investment Counsel Inc.'s holdings in W.P. Carey were worth $741,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. grew its stake in shares of W.P. Carey by 17.1% in the fourth quarter. Sei Investments Co. now owns 56,085 shares of the real estate investment trust's stock worth $3,056,000 after acquiring an additional 8,197 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of W.P. Carey by 13.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,087 shares of the real estate investment trust's stock worth $758,000 after acquiring an additional 1,442 shares during the last quarter. Capital Advisors Inc. OK acquired a new stake in shares of W.P. Carey in the first quarter worth $345,000. Envestnet Asset Management Inc. grew its stake in shares of W.P. Carey by 4.6% in the first quarter. Envestnet Asset Management Inc. now owns 606,427 shares of the real estate investment trust's stock worth $38,272,000 after acquiring an additional 26,665 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of W.P. Carey by 6.5% in the fourth 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 acquiring an additional 134,523 shares during the last quarter. Institutional investors and hedge funds own 73.73% of the company's stock.
W.P. Carey Stock Performance
WPC traded up $0.23 during trading hours on Friday, reaching $61.52. The company's stock had a trading volume of 449,736 shares, compared to its average volume of 1,156,135. W.P. Carey Inc. has a 52 week low of $52.91 and a 52 week high of $66.10. The company's 50-day moving average is $62.40 and its 200-day moving average is $60.43. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market cap of $13.47 billion, a PE ratio of 31.71, a price-to-earnings-growth ratio of 6.08 and a beta of 0.78.
W.P. Carey (NYSE:WPC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The real estate investment trust reported $1.17 EPS for the quarter, missing analysts' consensus estimates of $1.20 by ($0.03). The firm had revenue of $407.44 million during the quarter, compared to analyst estimates of $412.99 million. W.P. Carey had a net margin of 26.66% and a return on equity of 5.02%. The business's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.14 earnings per share. On average, equities analysts forecast that W.P. Carey Inc. will post 4.87 EPS for the current year.
W.P. Carey Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a dividend of $0.90 per share. This is an increase from W.P. Carey's previous quarterly dividend of $0.89. This represents a $3.60 annualized dividend and a dividend yield of 5.85%. The ex-dividend date was Monday, June 30th. W.P. Carey's dividend payout ratio is currently 185.57%.
Wall Street Analyst Weigh In
A number of research firms have weighed in on WPC. BNP Paribas Exane upgraded shares of W.P. Carey from an "underperform" rating to a "neutral" rating and set a $66.00 price target on the stock in a research note on Monday, June 9th. Evercore ISI lifted their price objective on W.P. Carey from $65.00 to $66.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Royal Bank Of Canada lifted their price objective on W.P. Carey from $410.00 to $420.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. UBS Group cut their price objective on 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 W.P. Carey and gave the company an "underweight" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $104.22.
View Our Latest Analysis on W.P. Carey
W.P. Carey Company Profile
(
Free Report)
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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