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. “
A number of other equities research analysts have also weighed in on WPC. Capital One Financial upgraded W. P. Carey from an equal weight rating to an overweight rating and set a $90.00 price objective on the stock in a research report on Monday, July 26th. Royal Bank of Canada initiated coverage on W. P. Carey in a research note on Friday, September 17th. They issued an outperform rating and a $89.00 price target for the company. JPMorgan Chase & Co. upgraded W. P. Carey from a neutral rating to an overweight rating and upped their price objective for the company from $77.00 to $88.00 in a research report on Tuesday, June 15th. Finally, Wells Fargo & Company upped their price target 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of Buy and a consensus target price of $86.83.
W. P. Carey (NYSE:WPC) last announced its quarterly earnings data on Thursday, July 29th. The real estate investment trust reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.12). The firm 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 business’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.61 earnings per share. Equities research analysts anticipate that W. P. Carey will post 4.86 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Investors of record on Thursday, September 30th will be paid a $1.052 dividend. This represents a $4.21 annualized dividend and a dividend yield of 5.45%. The ex-dividend date of this dividend is Wednesday, September 29th. This is a positive change from W. P. Carey’s previous quarterly dividend of $1.05. W. P. Carey’s payout ratio is currently 88.82%.
Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in shares of W. P. Carey by 19.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,702,498 shares of the real estate investment trust’s stock worth $350,902,000 after purchasing an additional 763,643 shares during the last quarter. Brookfield Asset Management Inc. purchased a new stake in W. P. Carey in the first quarter valued at approximately $42,284,000. OLD Republic International Corp purchased a new stake in W. P. Carey in the second quarter valued at approximately $38,952,000. Renaissance Technologies LLC purchased a new stake in shares of W. P. Carey during the first quarter worth $34,120,000. Finally, Weiss Multi Strategy Advisers LLC purchased a new stake in shares of W. P. Carey during the second quarter worth $30,262,000. Institutional investors own 57.90% of the company’s stock.
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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