Renaissance Technologies LLC Cuts Stock Position in W.P. Carey Inc. $WPC

Renaissance Technologies LLC lessened its holdings in W.P. Carey Inc. (NYSE:WPC) by 56.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,300 shares of the real estate investment trust’s stock after selling 92,700 shares during the quarter. Renaissance Technologies LLC’s holdings in W.P. Carey were worth $4,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Laurel Wealth Advisors LLC purchased a new stake in W.P. Carey during the fourth quarter worth about $25,000. Commonwealth Retirement Investments LLC purchased a new position in W.P. Carey in the fourth quarter valued at about $26,000. Osbon Capital Management LLC purchased a new position in W.P. Carey in the fourth quarter valued at about $29,000. Headlands Technologies LLC purchased a new position in W.P. Carey in the second quarter valued at about $30,000. Finally, Wealth Watch Advisors INC bought a new position in shares of W.P. Carey during the 3rd quarter valued at approximately $33,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on WPC. Wells Fargo & Company raised their price target on shares of W.P. Carey from $77.00 to $80.00 and gave the stock an “overweight” rating in a research note on Monday, June 1st. Royal Bank Of Canada upped their price objective on W.P. Carey from $73.00 to $77.00 and gave the company a “sector perform” rating in a research note on Thursday, July 30th. Evercore set a $77.00 price objective on W.P. Carey in a report on Thursday, July 30th. BMO Capital Markets decreased their target price on W.P. Carey from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, June 18th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of W.P. Carey in a research note on Friday, July 31st. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $79.31.

W.P. Carey Price Performance

Shares of NYSE:WPC opened at $71.79 on Friday. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $16.35 billion, a PE ratio of 24.50, a P/E/G ratio of 3.60 and a beta of 0.75. W.P. Carey Inc. has a twelve month low of $63.08 and a twelve month high of $77.22. The company has a 50-day moving average price of $73.44 and a two-hundred day moving average price of $72.39.

W.P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date was Tuesday, June 30th. This is an increase from W.P. Carey’s previous quarterly dividend of $0.93. W.P. Carey’s dividend payout ratio is currently 128.33%.

W.P. Carey Company Profile

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.