Scotiabank Raises W. P. Carey (NYSE:WPC) Price Target to $60.00

W. P. Carey (NYSE:WPC - Free Report) had its target price hoisted by Scotiabank from $55.00 to $60.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust's stock.

A number of other brokerages have also weighed in on WPC. Royal Bank of Canada decreased their target price on W. P. Carey from $65.00 to $63.00 and set an outperform rating for the company in a research report on Friday, May 3rd. Raymond James downgraded shares of W. P. Carey from an outperform rating to a market perform rating in a report on Monday, February 12th. Barclays began coverage on shares of W. P. Carey in a report on Wednesday, March 27th. They set an equal weight rating and a $40.00 target price for the company. Finally, Wells Fargo & Company dropped their price target on shares of W. P. Carey from $66.00 to $61.00 and set an equal weight rating on the stock in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $63.18.

W. P. Carey Stock Up 0.2 %

WPC stock traded up $0.11 during midday trading on Thursday, hitting $59.58. The company's stock had a trading volume of 1,002,700 shares, compared to its average volume of 1,329,245. The company has a market cap of $13.04 billion, a PE ratio of 22.65, a P/E/G ratio of 0.47 and a beta of 0.86. The firm's 50-day moving average is $56.25 and its 200-day moving average is $59.15. W. P. Carey has a 12 month low of $51.36 and a 12 month high of $73.38. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.87.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $0.865 per share. This represents a $3.46 annualized dividend and a yield of 5.81%. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from W. P. Carey's previous quarterly dividend of $0.86. W. P. Carey's dividend payout ratio (DPR) is 131.56%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WPC. Raleigh Capital Management Inc. boosted its position in shares of W. P. Carey by 3.9% during the third quarter. Raleigh Capital Management Inc. now owns 5,053 shares of the real estate investment trust's stock worth $273,000 after acquiring an additional 191 shares during the last quarter. SRS Capital Advisors Inc. grew its position in shares of W. P. Carey by 1.1% during the fourth quarter. SRS Capital Advisors Inc. now owns 16,922 shares of the real estate investment trust's stock valued at $1,097,000 after purchasing an additional 191 shares in the last quarter. Gradient Capital Advisors LLC increased its holdings in shares of W. P. Carey by 0.6% in the fourth quarter. Gradient Capital Advisors LLC now owns 34,180 shares of the real estate investment trust's stock worth $2,215,000 after purchasing an additional 199 shares during the last quarter. Accurate Wealth Management LLC lifted its position in shares of W. P. Carey by 5.6% in the first quarter. Accurate Wealth Management LLC now owns 3,913 shares of the real estate investment trust's stock worth $220,000 after buying an additional 208 shares in the last quarter. Finally, HB Wealth Management LLC boosted its stake in W. P. Carey by 6.2% during the first quarter. HB Wealth Management LLC now owns 3,576 shares of the real estate investment trust's stock valued at $202,000 after buying an additional 208 shares during the last quarter. 73.73% of the stock is currently owned by institutional investors.

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.