W.P. Carey Inc. $WPC Shares Purchased by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel increased its W.P. Carey stake by 10.3% in the third quarter, bringing its holdings to 247,404 shares valued at approximately $15.99 million. Institutional investors collectively own 73.73% of the company.
• Analysts maintain a generally positive outlook, with nine Buy ratings and seven Holds producing a consensus “Moderate Buy” rating and a $77.36 price target. Barclays lowered its target to $76, while Jefferies and Benchmark initiated Buy ratings.
• W.P. Carey raised its quarterly dividend from $0.94 to $0.95 per share, equating to an annualized dividend of $3.80 and a 5.9% yield; shares opened at $64.12, near the company’s 52-week low.

Carnegie Investment Counsel lifted its stake in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) by 10.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 247,404 shares of the real estate investment trust's stock after purchasing an additional 23,060 shares during the period. Carnegie Investment Counsel owned 0.11% of W.P. Carey worth $15,990,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Nisa Investment Advisors LLC increased its holdings in W.P. Carey by 136.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 17,745 shares of the real estate investment trust's stock worth $1,164,000 after purchasing an additional 10,225 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of W.P. Carey by 2.5% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 79,116 shares of the real estate investment trust's stock worth $5,113,000 after purchasing an additional 1,907 shares in the last quarter. Family Wealth Partners LLC lifted its stake in W.P. Carey by 14.3% in the third quarter. Family Wealth Partners LLC now owns 12,438 shares of the real estate investment trust's stock valued at $804,000 after buying an additional 1,554 shares during the last quarter. Jeppson Wealth Management LLC boosted its stake in W.P. Carey by 26.3% during the 3rd quarter. Jeppson Wealth Management LLC now owns 26,748 shares of the real estate investment trust's stock worth $1,729,000 after purchasing an additional 5,571 shares during the period. Finally, Brown Lisle Cummings Inc. grew its holdings in shares of W.P. Carey by 4.5% during the third quarter. Brown Lisle Cummings Inc. now owns 64,605 shares of the real estate investment trust's stock worth $4,175,000 after buying an additional 2,798 shares during the last quarter. Hedge funds and other institutional investors own 73.73% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on WPC. Barclays reduced their price objective on shares of W.P. Carey from $80.00 to $76.00 and set an "equal weight" rating for the company in a research report on Tuesday. Jefferies Financial Group assumed coverage on W.P. Carey in a research note on Tuesday, September 22nd. They set a "buy" rating and a $73.00 price objective on the stock. UBS Group reaffirmed a "neutral" rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Evercore set a $75.00 price objective on shares of W.P. Carey in a report on Monday, September 21st. Finally, Benchmark began coverage on W.P. Carey in a research report on Tuesday, September 22nd. They set a "buy" rating for the company. Nine analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $77.36.

W.P. Carey Price Performance

WPC opened at $64.12 on Wednesday. The firm has a market cap of $14.61 billion, a price-to-earnings ratio of 21.88, a price-to-earnings-growth ratio of 3.23 and a beta of 0.75. W.P. Carey Inc. has a fifty-two week low of $62.24 and a fifty-two week high of $77.22. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01. The company's 50-day moving average price is $67.75 and its 200 day moving average price is $71.28.

W.P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from W.P. Carey's previous quarterly dividend of $0.94. W.P. Carey's dividend payout ratio is currently 129.69%.

About W.P. Carey

W.P. Carey Inc NYSE: WPC is a real estate investment trust specializing in the ownership and management of commercial properties under long-term, net lease agreements. In a net lease arrangement, tenants generally assume responsibility for property taxes, insurance and maintenance, allowing W.P. Carey to generate rental income with relatively predictable operating expenses.

The company's portfolio is diversified across industrial, warehouse, retail, self-storage and other commercial properties.

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