W. P. Carey (NYSE:WPC) Given New $63.00 Price Target at Royal Bank of Canada

W. P. Carey (NYSE:WPC) had its target price trimmed by Royal Bank of Canada from $65.00 to $63.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

A number of other equities analysts have also weighed in on WPC. Barclays started coverage on W. P. Carey in a research note on Wednesday, March 27th. They set an equal weight rating and a $40.00 target price on the stock. Wells Fargo & Company reduced their target price on shares of W. P. Carey from $66.00 to $61.00 and set an equal weight rating for the company in a research report on Tuesday, February 20th. StockNews.com started coverage on shares of W. P. Carey in a research note on Thursday, January 4th. They issued a hold rating for the company. Scotiabank lowered their target price on shares of W. P. Carey from $62.00 to $60.00 and set a sector perform rating on the stock in a report on Monday, March 4th. Finally, Raymond James cut W. P. Carey from an outperform rating to a market perform rating in a research note on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $63.18.

W. P. Carey Trading Up 1.4 %

Shares of NYSE:WPC opened at $56.68 on Friday. The company has a 50-day simple moving average of $55.87 and a 200 day simple moving average of $58.90. The company has a market capitalization of $12.40 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 0.45 and a beta of 0.86. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.62 and a current ratio of 0.90. W. P. Carey has a 52-week low of $51.36 and a 52-week high of $73.60.

W. P. Carey (NYSE:WPC) last posted its quarterly earnings results on Friday, February 9th. The real estate investment trust reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. W. P. Carey had a return on equity of 6.41% and a net margin of 33.65%. The business had revenue of $410.38 million for the quarter, compared to analysts’ expectations of $413.04 million. During the same quarter in the prior year, the business earned $1.29 EPS. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. Sell-side analysts forecast that W. P. Carey will post 4.53 earnings per share for the current year.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.865 per share. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.86. The ex-dividend date was Wednesday, March 27th. This represents a $3.46 annualized dividend and a dividend yield of 6.10%. W. P. Carey’s dividend payout ratio is presently 131.56%.

Hedge Funds Weigh In On W. P. Carey

Several institutional investors have recently added to or reduced their stakes in the business. Xponance Inc. boosted its position in shares of W. P. Carey by 9.7% during the 3rd quarter. Xponance Inc. now owns 8,148 shares of the real estate investment trust’s stock worth $441,000 after purchasing an additional 720 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of W. P. Carey by 1.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 142,279 shares of the real estate investment trust’s stock worth $7,694,000 after purchasing an additional 2,270 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in shares of W. P. Carey by 27.8% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 18,683 shares of the real estate investment trust’s stock worth $1,010,000 after purchasing an additional 4,068 shares in the last quarter. Forsta AP Fonden increased its stake in W. P. Carey by 27.0% during the 3rd quarter. Forsta AP Fonden now owns 88,000 shares of the real estate investment trust’s stock valued at $4,759,000 after purchasing an additional 18,700 shares in the last quarter. Finally, Bensler LLC raised its holdings in W. P. Carey by 1.7% during the third quarter. Bensler LLC now owns 36,604 shares of the real estate investment trust’s stock worth $1,980,000 after buying an additional 627 shares during the last quarter. 73.73% of the stock is owned by institutional investors and hedge funds.

W. P. Carey Company 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.