The Manufacturers Life Insurance Company Purchases Shares of 113,459 W.P. Carey Inc. $WPC

The Manufacturers Life Insurance Company purchased a new stake in W.P. Carey Inc. (NYSE:WPC) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 113,459 shares of the real estate investment trust’s stock, valued at approximately $8,112,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC acquired a new stake in W.P. Carey during the fourth quarter worth about $25,000. Commonwealth Retirement Investments LLC acquired a new position in W.P. Carey in the fourth quarter valued at approximately $26,000. Osbon Capital Management LLC acquired a new position in W.P. Carey in the fourth quarter valued at approximately $29,000. Headlands Technologies LLC purchased a new stake in W.P. Carey in the 2nd quarter worth approximately $30,000. Finally, Wealth Watch Advisors INC purchased a new stake in W.P. Carey in the 3rd quarter worth approximately $33,000. 73.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on WPC. BMO Capital Markets cut their target price on shares of W.P. Carey from $86.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, June 18th. BNP Paribas Exane raised shares of W.P. Carey from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $73.00 to $88.00 in a report on Wednesday, July 29th. Weiss Ratings upgraded shares of W.P. Carey from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, August 24th. Royal Bank Of Canada lifted their price objective on shares of W.P. Carey from $73.00 to $77.00 and gave the company a “sector perform” rating in a report on Thursday, July 30th. Finally, Wolfe Research upgraded shares of W.P. Carey from a “peer perform” rating to an “outperform” rating and set a $85.00 price objective for the company in a research report on Monday, June 8th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $79.38.

W.P. Carey Stock Up 0.0%

Shares of WPC opened at $70.53 on Monday. The firm has a market cap of $16.07 billion, a P/E ratio of 24.07, a PEG ratio of 3.51 and a beta of 0.75. W.P. Carey Inc. has a 12 month low of $63.08 and a 12 month high of $77.22. The stock’s 50 day moving average is $72.49 and its two-hundred day moving average is $72.57. The company has a current ratio of 0.22, a quick ratio of 0.22 and a debt-to-equity ratio of 1.01.

W.P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.94 per share. This is a boost from W.P. Carey’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date was Tuesday, June 30th. W.P. Carey’s dividend payout ratio (DPR) is currently 128.33%.

About W.P. Carey

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.