W.P. Carey (NYSE:WPC) Hits New 12-Month Low Following Weak Earnings

W.P. Carey Inc. (NYSE:WPC) shares reached a new 52-week low during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $62.19 and last traded at $62.54, with a volume of 359,290 shares changing hands. The stock had previously closed at $63.51.

The real estate investment trust reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.09). The company had revenue of $468.30 million for the quarter, compared to the consensus estimate of $457.57 million. During the same period in the previous year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 8.6% compared to the same quarter last year.

W.P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.94. W.P. Carey’s dividend payout ratio is presently 129.69%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Evercore set a $75.00 target price on shares of W.P. Carey in a research note on Monday, September 21st. UBS Group reissued a “neutral” rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Benchmark began coverage on shares of W.P. Carey in a report on Tuesday, September 22nd. They set a “buy” rating for the company. BMO Capital Markets reaffirmed an “outperform” rating on shares of W.P. Carey in a research report on Wednesday. Finally, BNP Paribas Exane upgraded W.P. Carey from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $73.00 to $88.00 in a report on Wednesday, July 29th. Nine investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, W.P. Carey presently has a consensus rating of “Moderate Buy” and an average price target of $77.36.

Hedge Funds Weigh In On W.P. Carey

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in W.P. Carey during the second quarter worth about $2,371,801,000. Dimensional Fund Advisors LP grew its stake in shares of W.P. Carey by 4.9% in the first quarter. Dimensional Fund Advisors LP now owns 3,348,132 shares of the real estate investment trust’s stock worth $227,539,000 after acquiring an additional 155,857 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of W.P. Carey in the second quarter worth $189,315,000. Bank of New York Mellon Corp increased its position in shares of W.P. Carey by 1.6% during the first quarter. Bank of New York Mellon Corp now owns 2,353,944 shares of the real estate investment trust’s stock worth $159,974,000 after acquiring an additional 37,649 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of W.P. Carey by 3.0% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,270,499 shares of the real estate investment trust’s stock valued at $162,341,000 after acquiring an additional 65,284 shares in the last quarter. 73.73% of the stock is currently owned by hedge funds and other institutional investors.

W.P. Carey Stock Performance

The company has a 50 day moving average of $67.02 and a 200 day moving average of $70.85. The stock has a market capitalization of $14.29 billion, a price-to-earnings ratio of 21.39 and a beta of 0.75.

W.P. Carey Company Profile

W.P. Carey Inc (NYSE: WPC) is a real estate investment trust specializing in the ownership and management of commercial properties under long-term, net lease agreements. In a net lease arrangement, tenants generally assume responsibility for property taxes, insurance and maintenance, allowing W.P. Carey to generate rental income with relatively predictable operating expenses.

The company’s portfolio is diversified across industrial, warehouse, retail, self-storage and other commercial properties.