W.P. Carey Inc. $WPC Stock Position Reduced by Farther Finance Advisors LLC

Key Points

• Farther Finance Advisors cut its W.P. Carey position by 48.1% in the third quarter, selling 15,460 shares and retaining 16,683 shares valued at approximately $1.08 million. Institutional investors collectively own 73.73% of the REIT’s stock.
• Analyst sentiment remains favorable, with nine Buy ratings and seven Holds, producing a consensus rating of “Moderate Buy” and an average price target of $78.14.
• W.P. Carey raised its quarterly dividend to $0.95 per share, or $3.80 annually, representing a 5.8% yield; shares recently opened at $65.11, near the lower end of their 52-week range.

Farther Finance Advisors LLC trimmed its holdings in shares of W.P. Carey Inc. (NYSE:WPC - Free Report) by 48.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,683 shares of the real estate investment trust's stock after selling 15,460 shares during the period. Farther Finance Advisors LLC's holdings in W.P. Carey were worth $1,078,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in WPC. BlackRock Inc. acquired a new position in W.P. Carey during the second quarter valued at $2,371,801,000. Legal & General Group Plc purchased a new stake in W.P. Carey in the second quarter valued at $189,315,000. Bank of New York Mellon Corp purchased a new stake in W.P. Carey in the second quarter valued at $164,853,000. Bank of America Corp DE acquired a new stake in W.P. Carey during the 2nd quarter worth about $128,034,000. Finally, Deutsche Bank AG acquired a new stake in W.P. Carey during the 2nd quarter worth about $127,824,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on WPC. Barclays upgraded W.P. Carey from an "underweight" rating to an "equal weight" rating and set a $80.00 price objective for the company in a research note on Friday, September 4th. Citigroup restated a "market perform" rating on shares of W.P. Carey in a research note on Friday, September 25th. UBS Group restated a "neutral" rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Jefferies Financial Group initiated coverage on W.P. Carey in a report on Tuesday, September 22nd. They set a "buy" rating and a $73.00 target price on the stock. Finally, Weiss Ratings raised W.P. Carey from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, October 6th. Nine analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $78.14.

W.P. Carey Stock Performance

Shares of NYSE WPC opened at $65.11 on Friday. The company has a market capitalization of $14.83 billion, a PE ratio of 22.22, a price-to-earnings-growth ratio of 3.26 and a beta of 0.75. 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 company's fifty day moving average price is $68.01 and its 200 day moving average price is $71.32. W.P. Carey Inc. has a 1 year low of $62.24 and a 1 year high of $77.22.

W.P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.95 per share. This is a boost from W.P. Carey's previous quarterly dividend of $0.94. The ex-dividend date was Wednesday, September 30th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.8%. W.P. Carey's payout ratio is 129.69%.

W.P. Carey Company Profile

W.P. Carey Inc NYSE: WPC is a real estate investment trust that owns and manages a diversified portfolio of commercial properties. The company primarily invests in single-tenant, operationally critical properties that are leased to companies under long-term, net lease agreements. These arrangements generally require tenants to pay property taxes, insurance and maintenance costs, subject to the terms of each lease.

Its portfolio has historically included industrial, warehouse, retail, office and self-storage properties, with a focus on assets leased to established businesses across a range of industries.

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