W.P. Carey Inc. $WPC Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company cut its W.P. Carey stake by 23.1% in the first quarter, selling 37,656 shares and retaining 125,680 shares valued at approximately $8.5 million.
• W.P. Carey shares opened at $72.28, down 0.9%, while institutional investors and hedge funds collectively owned 73.73% of the company.
• The REIT raised its quarterly dividend to $0.94 per share, representing a 5.2% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $79.31.

The Manufacturers Life Insurance Company decreased its position in W.P. Carey Inc. (NYSE:WPC - Free Report) by 23.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 125,680 shares of the real estate investment trust's stock after selling 37,656 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of W.P. Carey worth $8,541,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC acquired a new position in W.P. Carey during the fourth quarter valued at $25,000. Commonwealth Retirement Investments LLC acquired a new stake in W.P. Carey during the 4th quarter worth about $26,000. Osbon Capital Management LLC purchased a new position in shares of W.P. Carey during the 4th quarter valued at about $29,000. Headlands Technologies LLC purchased a new position in shares of W.P. Carey during the 2nd quarter valued at about $30,000. Finally, Wealth Watch Advisors INC acquired a new position in shares of W.P. Carey in the 3rd quarter valued at about $33,000. Institutional investors and hedge funds own 73.73% of the company's stock.

W.P. Carey Stock Down 0.9%

Shares of WPC opened at $72.28 on Wednesday. The stock has a 50 day moving average price of $73.53 and a 200 day moving average price of $72.35. W.P. Carey Inc. has a one year low of $63.08 and a one year high of $77.22. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.22 and a current ratio of 0.22. The stock has a market capitalization of $16.47 billion, a price-to-earnings ratio of 24.67, a PEG ratio of 2.82 and a beta of 0.75.

W.P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.94 dividend. This is an increase from W.P. Carey's previous quarterly dividend of $0.93. This represents a $3.76 annualized dividend and a dividend yield of 5.2%. The ex-dividend date of this dividend was Tuesday, June 30th. W.P. Carey's payout ratio is 128.33%.

Wall Street Analyst Weigh In

WPC has been the topic of a number of recent research reports. Citigroup restated a "market perform" rating on shares of W.P. Carey in a research note on Thursday, June 18th. Wolfe Research raised W.P. Carey from a "peer perform" rating to an "outperform" rating and set a $85.00 price target for the company in a report on Monday, June 8th. Weiss Ratings restated a "buy (b-)" rating on shares of W.P. Carey in a research report on Friday. UBS Group reaffirmed a "neutral" rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Finally, Scotiabank cut their target price on shares of W.P. Carey from $79.00 to $76.00 and set a "sector perform" rating for the company in a report on Thursday, June 18th. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $79.31.

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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