W.P. Carey Inc. (NYSE:WPC - Get Free Report) crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $65.84 and traded as high as $66.22. W.P. Carey shares last traded at $65.9560, with a volume of 1,528,279 shares traded.
Analysts Set New Price Targets
Several research analysts recently commented on the company. Benchmark assumed coverage on W.P. Carey in a research note on Tuesday, September 22nd. They issued a "buy" rating on the stock. Weiss Ratings lowered W.P. Carey from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, November 4th. Wells Fargo & Company reduced their target price on W.P. Carey from $80.00 to $73.00 and set an "overweight" rating for the company in a research note on Monday, October 19th. Jefferies Financial Group assumed coverage on shares of W.P. Carey in a research report on Tuesday, September 22nd. They set a "buy" rating and a $73.00 price target for the company. Finally, Scotiabank dropped their price target on shares of W.P. Carey from $76.00 to $68.00 and set a "sector perform" rating for the company in a research note on Thursday, September 24th. Eight investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $76.79.
Check Out Our Latest Analysis on WPC
W.P. Carey Stock Up 1.4%
The firm has a market cap of $15.18 billion, a P/E ratio of 22.74, a PEG ratio of 2.81 and a beta of 0.75. The firm's 50-day moving average price is $65.84 and its 200 day moving average price is $70.70. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.21 and a quick ratio of 0.21.
W.P. Carey (NYSE:WPC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The real estate investment trust reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.09). W.P. Carey had a net margin of 35.60% and a return on equity of 7.67%. The firm had revenue of $468.30 million during the quarter, compared to the consensus estimate of $457.57 million. During the same period in the prior year, the firm earned $1.25 earnings per share. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts expect that W.P. Carey Inc. will post 5.07 earnings per share for the current fiscal year.
W.P. Carey Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $3.80 annualized dividend and a dividend yield of 5.8%. This is an increase from W.P. Carey's previous quarterly dividend of $0.94. W.P. Carey's dividend payout ratio is currently 131.03%.
Hedge Funds Weigh In On W.P. Carey
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in W.P. Carey during the second quarter valued at $2,371,801,000. Legal & General Group Plc bought a new position in shares of W.P. Carey in the 2nd quarter worth about $189,315,000. Bank of New York Mellon Corp bought a new position in shares of W.P. Carey in the 2nd quarter worth about $164,853,000. Bank of America Corp DE acquired a new position in shares of W.P. Carey in the 2nd quarter valued at about $128,034,000. Finally, Deutsche Bank AG acquired a new position in shares of W.P. Carey in the 2nd quarter valued at about $127,824,000. 73.73% of the stock is currently owned by institutional investors.
About W.P. Carey
(
Get Free Report)
W.P. Carey Inc is a real estate investment trust that owns and manages commercial properties leased to businesses under long-term net leases. Under these arrangements, tenants typically pay property expenses such as taxes, insurance and maintenance in addition to rent.
The company's portfolio focuses primarily on industrial and warehouse properties, along with retail and self-storage facilities. Its properties serve tenants in the United States and Europe. In 2023, W.P. Carey separated its office properties into a new, publicly traded company as part of a shift toward its other property types.
Founded in 1973 by William Polk Carey, the company converted to a REIT in 2012.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider W.P. Carey, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and W.P. Carey wasn't on the list.
While W.P. Carey currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Oil still powers the global economy, but AI is reshaping the energy opportunity. Discover seven stocks spanning traditional energy, infrastructure, and next-generation power.
Get This Free Report
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Like this article? Share it with a colleague.
Link copied to clipboard.
