W. P. Carey (NYSE:WPC) Given New $60.00 Price Target at UBS Group

W. P. Carey (NYSE:WPC) had its target price reduced by UBS Group from $62.00 to $60.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also issued reports about the company. Barclays upped their price target on W. P. Carey from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. Royal Bank of Canada dropped their target price on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Scotiabank reduced their price target on W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 7th. Wells Fargo & Company reissued an “equal weight” rating and issued a $63.00 price objective (up previously from $62.00) on shares of W. P. Carey in a report on Tuesday, October 1st. Finally, Evercore ISI raised their price objective on shares of W. P. Carey from $63.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $62.88.

W. P. Carey Stock Up 1.7 %

NYSE WPC opened at $55.77 on Thursday. W. P. Carey has a one year low of $53.09 and a one year high of $67.40. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.00 and a current ratio of 1.00. The business has a fifty day moving average price of $59.52 and a 200 day moving average price of $58.23. The company has a market cap of $12.21 billion, a P/E ratio of 21.96, a P/E/G ratio of 1.04 and a beta of 0.95.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.62). W. P. Carey had a return on equity of 6.45% and a net margin of 35.12%. The business had revenue of $394.78 million during the quarter, compared to analysts’ expectations of $377.43 million. During the same period in the prior year, the business posted $1.32 earnings per share. The business’s quarterly revenue was down 11.9% on a year-over-year basis. Research analysts anticipate that W. P. Carey will post 4.52 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $0.875 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $3.50 dividend on an annualized basis and a yield of 6.28%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s dividend payout ratio is presently 137.80%.

Hedge Funds Weigh In On W. P. Carey

Hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its position in shares of W. P. Carey by 2.9% during the third quarter. Geode Capital Management LLC now owns 4,573,938 shares of the real estate investment trust’s stock worth $284,426,000 after buying an additional 127,477 shares during the period. Vestcor Inc grew its holdings in shares of W. P. Carey by 608.6% in the third quarter. Vestcor Inc now owns 31,597 shares of the real estate investment trust’s stock valued at $1,968,000 after purchasing an additional 27,138 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its stake in W. P. Carey by 2.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 342,773 shares of the real estate investment trust’s stock worth $21,355,000 after buying an additional 8,277 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in W. P. Carey by 7.1% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 17,699 shares of the real estate investment trust’s stock worth $1,103,000 after buying an additional 1,169 shares in the last quarter. Finally, XTX Topco Ltd boosted its position in W. P. Carey by 256.1% in the 3rd quarter. XTX Topco Ltd now owns 24,729 shares of the real estate investment trust’s stock valued at $1,541,000 after buying an additional 17,784 shares during the period. Hedge funds and other institutional investors own 73.73% of the company’s stock.

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.