Commonwealth Equity Services LLC trimmed its stake in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) by 0.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,060,172 shares of the real estate investment trust's stock after selling 6,324 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.48% of W.P. Carey worth $66,907,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. bought a new position in shares of W.P. Carey during the first quarter worth about $26,000. TCTC Holdings LLC raised its stake in 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 valued at $30,000 after buying an additional 242 shares in the last quarter. Cheviot Value Management LLC bought a new position in W.P. Carey during the 1st quarter worth approximately $37,000. Bessemer Group Inc. grew its position in shares of W.P. Carey by 118.6% in the 4th quarter. Bessemer Group Inc. now owns 741 shares of the real estate investment trust's stock worth $40,000 after acquiring an additional 402 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of W.P. Carey in the 4th quarter valued at approximately $44,000. 73.73% of the stock is owned by institutional investors and hedge funds.
W.P. Carey Trading Up 1.1%
NYSE:WPC opened at $64.89 on Monday. The stock has a market cap of $14.21 billion, a price-to-earnings ratio of 42.69, a PEG ratio of 6.38 and a beta of 0.78. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.19 and a current 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 business has a fifty day moving average of $63.01 and a 200-day moving average of $61.22.
W.P. Carey (NYSE:WPC - Get Free Report) last released its 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 firm had revenue of $430.78 million for the quarter, compared to analysts' expectations of $420.99 million. During the same quarter last year, the company earned $1.17 EPS. W.P. Carey's quarterly revenue was up 10.5% on a year-over-year basis. Equities analysts predict that W.P. Carey Inc. will post 4.87 earnings per share for the current year.
W.P. Carey Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 5.5%. This is a positive change from W.P. Carey's previous quarterly dividend of $0.89. The ex-dividend date was Monday, June 30th. W.P. Carey's payout ratio is currently 236.84%.
Analyst Ratings Changes
Several brokerages recently issued reports on WPC. Barclays set a $61.00 price objective on W.P. Carey and gave the stock an "underweight" rating in a research note on Wednesday, May 21st. Evercore ISI boosted their price objective on shares of W.P. Carey from $65.00 to $66.00 and gave the company an "in-line" rating in a research report on Wednesday, July 2nd. Royal Bank Of Canada increased their price objective 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. 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. Finally, BNP Paribas Exane upgraded W.P. Carey from an "underperform" rating to a "neutral" rating and set a $66.00 price objective for the company in a research report on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $65.00.
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W.P. Carey Profile
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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.
Further Reading
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