W.P. Carey Inc. $WPC Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners cut its W.P. Carey stake by 73.9% in the first quarter, selling 79,279 shares and retaining 27,964 shares worth approximately $1.9 million. Institutional investors and hedge funds collectively own 73.73% of the stock.
• Analyst sentiment remains mixed: W.P. Carey has an overall “Hold” consensus rating and a $79.31 average price target, although BNP Paribas Exane upgraded the stock to “outperform” with an $88 target.
• W.P. Carey raised its quarterly dividend to $0.94 per share, equivalent to an annualized $3.76 payout and a 5.1% yield. Shares opened at $73.63, near their 50-day average and below the 52-week high of $77.22.

Edgestream Partners L.P. decreased its stake in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) by 73.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,964 shares of the real estate investment trust's stock after selling 79,279 shares during the period. Edgestream Partners L.P.'s holdings in W.P. Carey were worth $1,900,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Jacobi Capital Management LLC raised its stake in W.P. Carey by 2.5% during the fourth quarter. Jacobi Capital Management LLC now owns 5,886 shares of the real estate investment trust's stock valued at $379,000 after buying an additional 145 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in W.P. Carey by 0.7% during the 1st quarter. Kestra Private Wealth Services LLC now owns 21,474 shares of the real estate investment trust's stock worth $1,459,000 after buying an additional 146 shares during the last quarter. Gen Wealth Partners Inc grew its position in shares of W.P. Carey by 2.0% in the 4th quarter. Gen Wealth Partners Inc now owns 7,572 shares of the real estate investment trust's stock worth $487,000 after acquiring an additional 146 shares in the last quarter. Turning Point Benefit Group Inc. increased its holdings in shares of W.P. Carey by 6.3% in the 4th quarter. Turning Point Benefit Group Inc. now owns 2,511 shares of the real estate investment trust's stock valued at $162,000 after acquiring an additional 148 shares during the last quarter. Finally, Brookwood Investment Group LLC increased its holdings in shares of W.P. Carey by 1.7% in the 4th quarter. Brookwood Investment Group LLC now owns 8,936 shares of the real estate investment trust's stock valued at $575,000 after acquiring an additional 149 shares during the last quarter. 73.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on WPC. Barclays upped their price target on W.P. Carey from $78.00 to $80.00 and gave the company an "underweight" rating in a research report on Wednesday, July 22nd. Royal Bank Of Canada lifted their price objective on shares of W.P. Carey from $73.00 to $77.00 and gave the stock a "sector perform" rating in a report on Thursday. BNP Paribas Exane upgraded shares of W.P. Carey from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $73.00 to $88.00 in a research note on Wednesday. UBS Group reissued a "neutral" rating on shares of W.P. Carey in a report on Wednesday. Finally, Bank of America upgraded shares of W.P. Carey from an "underperform" rating to a "neutral" rating and raised their price target for the stock from $73.00 to $83.00 in a research report on Tuesday, June 16th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, W.P. Carey presently has an average rating of "Hold" and a consensus price target of $79.31.

W.P. Carey Stock Up 0.0%

NYSE:WPC opened at $73.63 on Monday. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 1.01. The stock has a 50 day moving average of $73.62 and a 200-day moving average of $72.28. The firm has a market capitalization of $16.77 billion, a PE ratio of 25.13, a price-to-earnings-growth ratio of 2.84 and a beta of 0.75. W.P. Carey Inc. has a 52 week low of $63.08 and a 52 week high of $77.22.

W.P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date was Tuesday, June 30th. This is an increase from W.P. Carey's previous quarterly dividend of $0.93. W.P. Carey's dividend payout ratio (DPR) is currently 128.33%.

Insiders Place Their Bets

In other W.P. Carey news, CAO Brian H. Zander sold 433 shares of the stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $74.00, for a total value of $32,042.00. Following the sale, the chief accounting officer directly owned 13,882 shares of the company's stock, valued at $1,027,268. This trade represents a 3.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.98% of the stock is owned by corporate insiders.

W.P. Carey Profile

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.

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