Mackenzie Financial Corp Sells 10,708 Shares of W. P. Carey Inc. (NYSE:WPC)

Mackenzie Financial Corp reduced its stake in shares of W. P. Carey Inc. (NYSE:WPC) by 55.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,679 shares of the real estate investment trust’s stock after selling 10,708 shares during the period. Mackenzie Financial Corp’s holdings in W. P. Carey were worth $562,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of WPC. Central Bank & Trust Co. purchased a new stake in W. P. Carey in the fourth quarter worth $28,000. FNY Investment Advisers LLC bought a new position in shares of W. P. Carey during the 4th quarter worth $32,000. Covestor Ltd increased its holdings in W. P. Carey by 316.5% in the 3rd quarter. Covestor Ltd now owns 783 shares of the real estate investment trust’s stock worth $43,000 after acquiring an additional 595 shares during the last quarter. First Horizon Advisors Inc. bought a new stake in W. P. Carey in the 3rd quarter valued at about $45,000. Finally, Provence Wealth Management Group purchased a new stake in W. P. Carey during the third quarter valued at about $46,000. Hedge funds and other institutional investors own 73.73% of the company’s stock.

W. P. Carey Stock Performance

Shares of WPC opened at $55.00 on Friday. W. P. Carey Inc. has a 12-month low of $51.36 and a 12-month high of $74.66. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.89. The company has a market cap of $12.04 billion, a PE ratio of 16.67, a price-to-earnings-growth ratio of 0.45 and a beta of 0.86. The stock has a 50-day moving average price of $56.04 and a 200-day moving average price of $58.79.

W. P. Carey (NYSE:WPC) last announced its earnings results on Friday, February 9th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.14. The business had revenue of $410.38 million during the quarter, compared to analyst estimates of $413.04 million. W. P. Carey had a net margin of 40.68% and a return on equity of 7.78%. W. P. Carey’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $1.29 earnings per share. As a group, equities analysts forecast that W. P. Carey Inc. will post 4.57 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.865 dividend. This represents a $3.46 dividend on an annualized basis and a yield of 6.29%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from W. P. Carey’s previous quarterly dividend of $0.86. W. P. Carey’s dividend payout ratio is currently 104.85%.

Analyst Ratings Changes

Several research firms have recently weighed in on WPC. Barclays began coverage on shares of W. P. Carey in a research note on Wednesday, March 27th. They issued an “equal weight” rating and a $40.00 target price for the company. Wells Fargo & Company lowered their target price on shares of W. P. Carey from $66.00 to $61.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 20th. StockNews.com initiated coverage on W. P. Carey in a report on Thursday, January 4th. They issued a “hold” rating for the company. Raymond James lowered W. P. Carey from an “outperform” rating to a “market perform” rating in a research note on Monday, February 12th. Finally, Royal Bank of Canada dropped their price objective on W. P. Carey from $68.00 to $65.00 and set an “outperform” rating on the stock in a report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, W. P. Carey currently has an average rating of “Hold” and an average price target of $63.36.

W. P. Carey 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.