Royal Bank of Canada Raises W. P. Carey (NYSE:WPC) Price Target to $62.00

W. P. Carey (NYSE:WPC) had its price target lifted by Royal Bank of Canada from $61.00 to $62.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s target price points to a potential upside of 6.22% from the stock’s previous close.

A number of other brokerages have also commented on WPC. UBS Group decreased their price objective on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Barclays decreased their price target on shares of W. P. Carey from $59.00 to $56.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. JMP Securities reiterated a “market perform” rating on shares of W. P. Carey in a research note on Thursday. Finally, Scotiabank decreased their target price on shares of W. P. Carey from $60.00 to $59.00 and set a “sector perform” rating on the stock in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, W. P. Carey presently has an average rating of “Hold” and an average target price of $62.00.

W. P. Carey Stock Performance

WPC stock traded up $0.67 during mid-day trading on Thursday, hitting $58.37. 556,900 shares of the company were exchanged, compared to its average volume of 965,517. W. P. Carey has a 1-year low of $52.91 and a 1-year high of $64.26. The business has a 50 day simple moving average of $55.33 and a 200-day simple moving average of $57.60. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.90. The stock has a market capitalization of $12.77 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 1.02 and a beta of 0.97.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. National Pension Service acquired a new stake in shares of W. P. Carey in the 4th quarter valued at $25,000. Maia Wealth LLC acquired a new position in shares of W. P. Carey during the 3rd quarter worth $40,000. Abich Financial Wealth Management LLC lifted its position in shares of W. P. Carey by 2,374.1% during the 3rd quarter. Abich Financial Wealth Management LLC now owns 668 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 641 shares during the last quarter. Millstone Evans Group LLC acquired a new stake in W. P. Carey in the fourth quarter valued at about $37,000. Finally, Wingate Wealth Advisors Inc. acquired a new stake in W. P. Carey in the fourth quarter valued at about $37,000. 73.73% of the stock is 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.