W. P. Carey (NYSE:WPC) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a note issued to investors on Thursday, Zacks.com reports. They presently have a $75.00 target price on the real estate investment trust's stock. Zacks Investment Research's price objective would indicate a potential upside of 12.33% from the company's previous close.
According to Zacks, "W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. "
Shares of W. P. Carey stock traded down $0.26 during mid-day trading on Thursday, hitting $66.77. 47,398 shares of the stock were exchanged, compared to its average volume of 1,187,195. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 33.69 and a beta of 0.72. W. P. Carey has a twelve month low of $38.62 and a twelve month high of $88.99. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.90. The company has a 50-day simple moving average of $68.95 and a 200 day simple moving average of $68.45.
W. P. Carey (NYSE:WPC) last announced its quarterly earnings data on Wednesday, November 4th. The real estate investment trust reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.12 by ($0.27). W. P. Carey had a net margin of 28.17% and a return on equity of 4.98%. The firm had revenue of $302.42 million for the quarter, compared to analysts' expectations of $296.90 million. During the same period in the previous year, the company posted $1.09 EPS. The business's quarterly revenue was down 4.9% on a year-over-year basis. Equities research analysts forecast that W. P. Carey will post 4.58 earnings per share for the current fiscal year.
A number of large investors have recently modified their holdings of the business. Daiwa Securities Group Inc. grew its holdings in W. P. Carey by 6,522.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 2,874,353 shares of the real estate investment trust's stock valued at $187,292,000 after buying an additional 2,830,951 shares during the period. Nuveen Asset Management LLC boosted its position in shares of W. P. Carey by 13.1% in the third quarter. Nuveen Asset Management LLC now owns 1,502,806 shares of the real estate investment trust's stock worth $97,923,000 after acquiring an additional 174,494 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in W. P. Carey by 4.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,833,019 shares of the real estate investment trust's stock valued at $184,599,000 after purchasing an additional 121,924 shares during the period. Thrivent Financial for Lutherans grew its holdings in W. P. Carey by 787.6% in the third quarter. Thrivent Financial for Lutherans now owns 120,836 shares of the real estate investment trust's stock valued at $7,873,000 after purchasing an additional 107,222 shares during the period. Finally, UBS Asset Management Americas Inc. increased its position in W. P. Carey by 9.3% during the third quarter. UBS Asset Management Americas Inc. now owns 1,161,298 shares of the real estate investment trust's stock worth $75,670,000 after purchasing an additional 98,959 shares during the last quarter. 62.16% of the stock is currently owned by hedge funds and other institutional investors.
About W. P. Carey
W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators.
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