Zacks Investment Research upgraded shares of W. P. Carey (NYSE:WPC) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. The brokerage currently has $85.00 target price on the real estate investment trust’s stock.
According to Zacks, “W. P. Carey Inc. is a real estate investment trust engaged in providing long-term sale-leaseback and build-to-suit financing for companies. The firm primarily invests in commercial properties that are generally triple-net leased to single corporate tenants including office, warehouse, industrial, logistics, retail, hotel, R&D, and self-storage properties. W. P. Carey Inc., formerly known as W. P. Carey & Co. LLC, is based in New York. “
Several other research analysts have also recently issued reports on the company. Capital One Financial raised W. P. Carey from an equal weight rating to an overweight rating and set a $90.00 target price on the stock in a research report on Monday, July 26th. Wells Fargo & Company raised their target price on W. P. Carey from $77.00 to $90.00 and gave the stock an overweight rating in a research report on Wednesday, June 23rd. JPMorgan Chase & Co. raised W. P. Carey from a neutral rating to an overweight rating and raised their target price for the stock from $77.00 to $88.00 in a research report on Tuesday, June 15th. Finally, Royal Bank of Canada started coverage on W. P. Carey in a research report on Friday, September 17th. They issued an outperform rating and a $89.00 target price on the stock. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to MarketBeat.com, W. P. Carey currently has an average rating of Buy and an average target price of $87.00.
W. P. Carey (NYSE:WPC) last released its quarterly earnings data on Thursday, July 29th. The real estate investment trust reported $0.67 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.12). The business had revenue of $319.72 million for the quarter, compared to analysts’ expectations of $315.03 million. W. P. Carey had a net margin of 36.74% and a return on equity of 6.52%. The company’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period last year, the business earned $0.61 earnings per share. As a group, sell-side analysts expect that W. P. Carey will post 4.86 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Thursday, September 30th will be paid a $1.052 dividend. The ex-dividend date of this dividend is Wednesday, September 29th. This represents a $4.21 annualized dividend and a dividend yield of 5.53%. This is an increase from W. P. Carey’s previous quarterly dividend of $1.05. W. P. Carey’s dividend payout ratio (DPR) is 88.61%.
Institutional investors and hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. raised its stake in W. P. Carey by 130.6% during the 1st quarter. Federated Hermes Inc. now owns 528 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 299 shares during the period. Wagner Wealth Management LLC raised its stake in W. P. Carey by 65.0% during the 2nd quarter. Wagner Wealth Management LLC now owns 495 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 195 shares during the period. Certified Advisory Corp bought a new stake in W. P. Carey during the 1st quarter valued at approximately $39,000. Penserra Capital Management LLC raised its stake in W. P. Carey by 33.4% during the 2nd quarter. Penserra Capital Management LLC now owns 571 shares of the real estate investment trust’s stock valued at $42,000 after purchasing an additional 143 shares during the period. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC raised its stake in W. P. Carey by 78.9% during the 2nd quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 635 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 280 shares during the period. 57.90% of the stock is currently owned by institutional investors.
About W. P. Carey
W.P. Carey, Inc operates as a real estate investment trust. It operates through two segment: Real Estate Ownership and Investment Management. The Real Estate Ownership segment owns and invests in commercial real estate properties. The Investment Management segment structures and negotiates investments and debt placement transactions for the real estate investment trusts, and manages portfolios of real estate investments.
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