Corebridge Financial Inc. Has $15.25 Million Holdings in W.P. Carey Inc. $WPC

Key Points

• Corebridge Financial Inc. reduced its stake in W.P. Carey Inc. by 2.4%, holding approximately 241,712 shares worth $15.25 million as of the latest reporting period.
• W.P. Carey has experienced a 10.5% year-over-year revenue increase, reporting $430.78 million for the latest quarter and exceeding earnings expectations.
• The company recently raised its quarterly dividend to $0.90 per share, marking an annualized dividend yield of 5.5%.

Corebridge Financial Inc. lowered its holdings in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 241,712 shares of the real estate investment trust's stock after selling 5,906 shares during the quarter. Corebridge Financial Inc. owned 0.11% of W.P. Carey worth $15,254,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. NewEdge Advisors LLC increased its stake in W.P. Carey by 6.3% during the 4th quarter. NewEdge Advisors LLC now owns 8,196 shares of the real estate investment trust's stock worth $447,000 after purchasing an additional 485 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of W.P. Carey by 10.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 11,658 shares of the real estate investment trust's stock worth $635,000 after acquiring an additional 1,091 shares during the period. Stifel Financial Corp raised its holdings in shares of W.P. Carey by 10.6% during the fourth quarter. Stifel Financial Corp now owns 35,139 shares of the real estate investment trust's stock worth $1,914,000 after acquiring an additional 3,355 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of W.P. Carey by 2.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,058,351 shares of the real estate investment trust's stock worth $57,660,000 after acquiring an additional 21,954 shares during the period. Finally, MGO One Seven LLC raised its holdings in shares of W.P. Carey by 17.0% during the fourth quarter. MGO One Seven LLC now owns 5,156 shares of the real estate investment trust's stock worth $281,000 after acquiring an additional 751 shares during the period. 73.73% of the stock is currently owned by institutional investors and hedge funds.

W.P. Carey Price Performance

WPC stock traded up $0.60 during trading on Friday, reaching $67.08. 850,711 shares of the company were exchanged, compared to its average volume of 1,242,030. The company has a 50-day moving average of $64.15 and a two-hundred day moving average of $62.46. The company has a market capitalization of $14.69 billion, a price-to-earnings ratio of 44.13, a P/E/G ratio of 9.76 and a beta of 0.78. W.P. Carey Inc. has a twelve month low of $52.91 and a twelve month high of $67.40. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.19 and a quick ratio of 0.19.

W.P. Carey (NYSE:WPC - Get Free Report) last released its quarterly earnings data 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 net margin of 20.42% and a return on equity of 4.00%. The business had revenue of $430.78 million during the quarter, compared to analysts' expectations of $420.99 million. During the same period in the prior year, the company earned $1.17 EPS. The firm's quarterly revenue was up 10.5% compared to the same quarter last year. W.P. Carey has set its FY 2025 guidance at 4.870-4.950 EPS. As a group, equities analysts predict that W.P. Carey Inc. will post 4.87 earnings per share for the current fiscal year.

W.P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $0.90 dividend. This is an increase from W.P. Carey's previous quarterly dividend of $0.89. The ex-dividend date was Monday, June 30th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 5.4%. W.P. Carey's dividend payout ratio is presently 236.84%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WPC shares. Evercore ISI increased their price objective on W.P. Carey from $65.00 to $66.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. UBS Group raised their price target on shares of W.P. Carey from $63.00 to $66.00 and gave the stock a "neutral" rating in a research note on Friday, August 15th. 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. Barclays increased their price objective on shares of W.P. Carey from $61.00 to $64.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 20th. Finally, Royal Bank Of Canada raised their price objective on W.P. Carey from $66.00 to $67.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Two research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, W.P. Carey presently has a consensus rating of "Hold" and an average target price of $65.89.

About W.P. Carey

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.