W.P. Carey (NYSE:WPC) Reaches New 52-Week Low - Here's Why

Key Points

• W.P. Carey shares fell to a new 52-week low of $63.03, below the previous close of $64.01, with the stock trading under both its 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with nine Buy ratings and seven Holds producing a “Moderate Buy” consensus and an average price target of $78.14.
• The REIT raised its quarterly dividend from $0.94 to $0.95 per share, equivalent to an annualized $3.80 payout and a 6.0% yield, though its dividend payout ratio is elevated at 129.69%.

W.P. Carey Inc. (NYSE:WPC - Get Free Report) shares hit a new 52-week low on Wednesday. The company traded as low as $63.03 and last traded at $63.1150, with a volume of 428711 shares traded. The stock had previously closed at $64.01.

Wall Street Analysts Forecast Growth

WPC has been the topic of a number of recent analyst reports. Benchmark assumed coverage on W.P. Carey in a report on Tuesday, September 22nd. They set a "buy" rating on the stock. Barclays raised W.P. Carey from an "underweight" rating to an "equal weight" rating and set a $80.00 price target on the stock in a research note on Friday, September 4th. Citigroup reissued a "market perform" rating on shares of W.P. Carey in a research report on Friday, September 25th. Jefferies Financial Group initiated coverage on W.P. Carey in a research report on Tuesday, September 22nd. They set a "buy" rating and a $73.00 target price for the company. Finally, BMO Capital Markets dropped their price target on W.P. Carey from $86.00 to $84.00 and set an "outperform" rating on the stock in a report on Thursday, June 18th. Nine analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, W.P. Carey has an average rating of "Moderate Buy" and a consensus target price of $78.14.

W.P. Carey Price Performance

The company has a debt-to-equity ratio of 1.01, a current ratio of 0.22 and a quick ratio of 0.22. The company has a market cap of $14.39 billion, a PE ratio of 21.56, a PEG ratio of 3.23 and a beta of 0.75. The stock's 50-day moving average is $69.45 and its 200 day moving average is $71.57.

W.P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from W.P. Carey's previous quarterly dividend of $0.94. W.P. Carey's dividend payout ratio is presently 129.69%.

Institutional Trading of W.P. Carey

Several large investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of W.P. Carey in the second quarter valued at approximately $2,371,801,000. Dimensional Fund Advisors LP raised its position in shares of W.P. Carey by 4.9% during the first quarter. Dimensional Fund Advisors LP now owns 3,348,132 shares of the real estate investment trust's stock worth $227,539,000 after acquiring an additional 155,857 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of W.P. Carey during the second quarter worth $189,315,000. Bank of New York Mellon Corp raised its stake in W.P. Carey by 1.6% during the first quarter. Bank of New York Mellon Corp now owns 2,353,944 shares of the real estate investment trust's stock worth $159,974,000 after acquiring an additional 37,649 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of W.P. Carey by 3.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,270,499 shares of the real estate investment trust's stock worth $162,341,000 after acquiring an additional 65,284 shares during the last quarter. 73.73% of the stock is currently owned by institutional investors and hedge funds.

About W.P. Carey

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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