Royal Bank Of Canada Increases W.P. Carey (NYSE:WPC) Price Target to $67.00

Key Points

• Royal Bank of Canada has increased its price target for W.P. Carey from $66.00 to $67.00, suggesting a potential upside of 4.27% from the stock's previous close.
• W.P. Carey's stock has a current average rating of "Hold" based on a consensus price target of $65.00, with mixed ratings from various analysts.
• The company's recent quarterly earnings exceeded estimates with an EPS of $1.28, reflecting a 10.5% increase in revenue compared to the previous year.

W.P. Carey (NYSE:WPC - Get Free Report) had its target price boosted by equities research analysts at Royal Bank Of Canada from $66.00 to $67.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "outperform" rating on the real estate investment trust's stock. Royal Bank Of Canada's price target indicates a potential upside of 4.27% from the stock's previous close.

A number of other analysts have also issued reports on WPC. BNP Paribas set a $66.00 price objective on W.P. Carey and gave the company a "neutral" rating in a research note on Monday, June 9th. Barclays set a $61.00 price objective on W.P. Carey and gave the company an "underweight" rating in a research note on Wednesday, May 21st. BNP Paribas Exane upgraded W.P. Carey from an "underperform" rating to a "neutral" rating and set a $66.00 price objective on the stock in a research note on Monday, June 9th. UBS Group decreased their price objective on W.P. Carey from $66.00 to $63.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. Finally, Evercore ISI lifted their price objective on W.P. Carey from $65.00 to $66.00 and gave the company an "in-line" rating in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, W.P. Carey has an average rating of "Hold" and a consensus price target of $65.00.

W.P. Carey Stock Performance

WPC traded up $0.59 on Thursday, hitting $64.26. The company's stock had a trading volume of 620,119 shares, compared to its average volume of 1,237,601. The company's 50 day simple moving average is $62.86 and its 200-day simple moving average is $60.98. The firm has a market cap of $14.07 billion, a P/E ratio of 42.30, a price-to-earnings-growth ratio of 6.36 and a beta of 0.78. W.P. Carey has a 12 month low of $52.91 and a 12 month high of $66.64. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.92.

W.P. Carey (NYSE:WPC - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The real estate investment trust reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.23 by $0.05. W.P. Carey had a return on equity of 3.97% and a net margin of 20.42%. The company had revenue of $430.78 million for the quarter, compared to analyst estimates of $420.99 million. During the same period in the previous year, the company posted $1.17 EPS. The firm's revenue for the quarter was up 10.5% compared to the same quarter last year. Analysts forecast that W.P. Carey will post 4.87 EPS for the current year.

Hedge Funds Weigh In On W.P. Carey

Institutional investors have recently modified their holdings of the company. von Borstel & Associates Inc. purchased a new position in shares of W.P. Carey during the 1st quarter valued at about $26,000. TCTC Holdings LLC raised its holdings in shares of W.P. Carey by 100.8% during the 1st quarter. TCTC Holdings LLC now owns 482 shares of the real estate investment trust's stock valued at $30,000 after buying an additional 242 shares in the last quarter. Cheviot Value Management LLC purchased a new position in shares of W.P. Carey during the 1st quarter valued at about $37,000. Bessemer Group Inc. raised its holdings in shares of W.P. Carey by 118.6% during the 4th quarter. Bessemer Group Inc. now owns 741 shares of the real estate investment trust's stock valued at $40,000 after buying an additional 402 shares in the last quarter. Finally, V Square Quantitative Management LLC purchased a new position in shares of W.P. Carey during the 2nd quarter valued at about $40,000. 73.73% of the stock is currently owned by institutional investors.

W.P. Carey Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.