Barclays Boosts W. P. Carey (NYSE:WPC) Price Target to $56.00

by · The Markets Daily

W. P. Carey (NYSE:WPC – Free Report) had its target price upped by Barclays from $54.00 to $56.00 in a report released on Thursday morning, Benzinga reports. Barclays currently has an equal weight rating on the real estate investment trust’s stock.

WPC has been the topic of several other research reports. Royal Bank of Canada reduced their price target on W. P. Carey from $63.00 to $62.00 and set an outperform rating on the stock in a report on Thursday, August 1st. 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 research note on Tuesday, October 1st. Scotiabank cut 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. JPMorgan Chase & Co. lowered their target price on shares of W. P. Carey from $70.00 to $68.00 and set an overweight rating for the company in a research note on Friday, July 12th. Finally, UBS Group boosted their price target on shares of W. P. Carey from $57.00 to $63.00 and gave the company a neutral rating in a research report on Thursday, July 18th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, W. P. Carey currently has a consensus rating of Hold and an average price target of $63.25.

Read Our Latest Stock Report on WPC

W. P. Carey Stock Up 0.8 %

NYSE:WPC opened at $59.82 on Thursday. The company’s 50-day simple moving average is $60.20 and its 200-day simple moving average is $57.94. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.93 and a current ratio of 1.93. W. P. Carey has a fifty-two week low of $51.60 and a fifty-two week high of $67.40. The stock has a market capitalization of $13.09 billion, a P/E ratio of 22.75, a P/E/G ratio of 1.11 and a beta of 0.94.

W. P. Carey (NYSE:WPC – Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.65 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.47). W. P. Carey had a net margin of 34.83% and a return on equity of 6.50%. The company had revenue of $389.70 million during the quarter, compared to analysts’ expectations of $381.39 million. During the same period in the previous year, the business earned $1.36 earnings per share. The business’s revenue for the quarter was down 13.9% compared to the same quarter last year. On average, equities analysts anticipate that W. P. Carey will post 4.52 earnings per share for the current fiscal year.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a yield of 5.85%. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend is Monday, September 30th. W. P. Carey’s dividend payout ratio is 133.08%.

Insider Transactions at W. P. Carey

In other news, Director Mark A. Alexander bought 3,500 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was acquired at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the completion of the purchase, the director now owns 38,124 shares of the company’s stock, valued at $2,129,987.88. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.08% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Richardson Financial Services Inc. bought a new position in W. P. Carey in the 1st quarter worth about $26,000. Massmutual Trust Co. FSB ADV increased its stake in W. P. Carey by 93.1% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 479 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 231 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of W. P. Carey by 1,510.0% during the second quarter. Allspring Global Investments Holdings LLC now owns 483 shares of the real estate investment trust’s stock worth $27,000 after acquiring an additional 453 shares in the last quarter. Riverview Trust Co purchased a new stake in shares of W. P. Carey during the 1st quarter worth about $28,000. Finally, Quarry LP lifted its stake in W. P. Carey by 175.9% in the second quarter. Quarry LP now owns 560 shares of the real estate investment trust’s stock valued at $31,000 after acquiring an additional 357 shares during the last quarter. Institutional investors and hedge funds own 73.73% of the company’s stock.

W. P. Carey Company Profile

(Get Free Report)

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.

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