TD Asset Management Inc Trims Position in W.P. Carey Inc. $WPC

TD Asset Management Inc trimmed its position in W.P. Carey Inc. (NYSE:WPC) by 0.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,093 shares of the real estate investment trust’s stock after selling 324 shares during the period. TD Asset Management Inc’s holdings in W.P. Carey were worth $2,626,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WPC. JPMorgan Chase & Co. grew its stake in W.P. Carey by 274.7% in the first quarter. JPMorgan Chase & Co. now owns 5,112,190 shares of the real estate investment trust’s stock worth $322,630,000 after purchasing an additional 3,747,898 shares during the period. Pacer Advisors Inc. grew its stake in shares of W.P. Carey by 1,016.8% in the first quarter. Pacer Advisors Inc. now owns 1,751,921 shares of the real estate investment trust’s stock worth $110,564,000 after acquiring an additional 1,595,045 shares during the last quarter. Nuveen LLC purchased a new stake in shares of W.P. Carey in the first quarter worth $30,194,000. Private Management Group Inc. purchased a new stake in shares of W.P. Carey in the first quarter worth $29,923,000. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in shares of W.P. Carey in the second quarter worth $24,030,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

W.P. Carey Stock Performance

Shares of WPC opened at $67.48 on Wednesday. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.97. The business has a 50-day simple moving average of $67.31 and a two-hundred day simple moving average of $63.97. The stock has a market cap of $14.78 billion, a price-to-earnings ratio of 44.39, a PEG ratio of 9.93 and a beta of 0.81. W.P. Carey Inc. has a 52 week low of $52.91 and a 52 week high of $69.79.

W.P. Carey (NYSE:WPC) last issued its quarterly earnings results on Tuesday, July 29th. The real estate investment trust reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.05. The business had revenue of $430.78 million during the quarter, compared to analysts’ expectations of $420.99 million. W.P. Carey had a return on equity of 4.00% and a net margin of 20.42%.The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.17 earnings per share. W.P. Carey has set its FY 2025 guidance at 4.870-4.950 EPS. On average, analysts expect that W.P. Carey Inc. will post 4.87 EPS for the current year.

W.P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a dividend of $0.91 per share. This is an increase from W.P. Carey’s previous quarterly dividend of $0.90. This represents a $3.64 annualized dividend and a dividend yield of 5.4%. The ex-dividend date was Tuesday, September 30th. W.P. Carey’s dividend payout ratio (DPR) is 239.47%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Scotiabank increased their target price on W.P. Carey from $64.00 to $67.00 and gave the company a “sector perform” rating in a report on Friday, September 5th. Weiss Ratings reissued a “hold (c)” rating on shares of W.P. Carey in a report on Wednesday, October 8th. Royal Bank Of Canada increased their target price on W.P. Carey from $66.00 to $67.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. UBS Group increased their target price on W.P. Carey from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Friday, August 15th. Finally, Wells Fargo & Company raised W.P. Carey from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $68.00 to $72.00 in a report on Thursday, September 11th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, W.P. Carey currently has an average rating of “Hold” and a consensus target price of $67.44.

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.