W. P. Carey Inc. (NYSE:WPC) Stock Holdings Increased by Millennium Management LLC

Millennium Management LLC lifted its stake in W. P. Carey Inc. (NYSE:WPC) by 514.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 538,933 shares of the real estate investment trust’s stock after acquiring an additional 451,262 shares during the quarter. Millennium Management LLC’s holdings in W. P. Carey were worth $29,361,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in WPC. Norges Bank purchased a new stake in shares of W. P. Carey in the fourth quarter worth approximately $139,381,000. Demars Financial Group LLC lifted its position in shares of W. P. Carey by 10,001.1% in the fourth quarter. Demars Financial Group LLC now owns 998,292 shares of the real estate investment trust’s stock worth $54,387,000 after purchasing an additional 988,409 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of W. P. Carey by 29.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,022,953 shares of the real estate investment trust’s stock worth $219,170,000 after purchasing an additional 906,622 shares in the last quarter. Northern Trust Corp lifted its position in shares of W. P. Carey by 40.3% in the fourth quarter. Northern Trust Corp now owns 2,641,229 shares of the real estate investment trust’s stock worth $143,894,000 after purchasing an additional 758,627 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of W. P. Carey in the fourth quarter worth approximately $31,442,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of W. P. Carey from $58.00 to $66.00 and gave the stock an “equal weight” rating in a research report on Monday, March 10th. UBS Group cut their price objective on shares of W. P. Carey from $66.00 to $63.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. Evercore ISI raised their price objective on shares of W. P. Carey from $60.00 to $64.00 and gave the company an “in-line” rating in a research report on Wednesday, February 19th. Barclays raised their price objective on shares of W. P. Carey from $56.00 to $60.00 and gave the company an “underweight” rating in a research report on Tuesday, March 4th. Finally, Scotiabank raised their price objective on shares of W. P. Carey from $59.00 to $63.00 and gave the company a “sector perform” rating in a research report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $108.88.

W. P. Carey Price Performance

NYSE WPC opened at $61.88 on Monday. The business has a 50 day simple moving average of $60.95 and a 200 day simple moving average of $58.41. W. P. Carey Inc. has a 52-week low of $52.91 and a 52-week high of $66.10. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $13.55 billion, a price-to-earnings ratio of 29.61, a PEG ratio of 1.06 and a beta of 0.78.

W. P. Carey (NYSE:WPC) last issued its quarterly earnings results on Tuesday, April 29th. The real estate investment trust reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.03). The business had revenue of $407.44 million for the quarter, compared to the consensus estimate of $412.99 million. W. P. Carey had a return on equity of 5.37% and a net margin of 29.11%. W. P. Carey’s revenue was up 5.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.14 earnings per share. Analysts anticipate that W. P. Carey Inc. will post 4.87 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 Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.89 per share. This represents a $3.56 dividend on an annualized basis and a yield of 5.75%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Monday, March 31st. W. P. Carey’s payout ratio is presently 183.51%.

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.