Summit Financial LLC Sells 523 Shares of W. P. Carey Inc. (NYSE:WPC)

Summit Financial LLC trimmed its stake in W. P. Carey Inc. (NYSE:WPC) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,457 shares of the real estate investment trust’s stock after selling 523 shares during the period. Summit Financial LLC’s holdings in W. P. Carey were worth $966,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in WPC. HighTower Advisors LLC grew its holdings in W. P. Carey by 0.4% in the fourth quarter. HighTower Advisors LLC now owns 44,381 shares of the real estate investment trust’s stock worth $2,418,000 after purchasing an additional 193 shares during the last quarter. Capital Investment Advisory Services LLC raised its stake in W. P. Carey by 3.1% in the fourth quarter. Capital Investment Advisory Services LLC now owns 8,698 shares of the real estate investment trust’s stock valued at $474,000 after buying an additional 259 shares during the last quarter. Empowered Funds LLC grew its stake in shares of W. P. Carey by 7.7% during the fourth quarter. Empowered Funds LLC now owns 3,778 shares of the real estate investment trust’s stock worth $206,000 after acquiring an additional 271 shares during the last quarter. Cooper Financial Group increased its holdings in shares of W. P. Carey by 2.4% during the fourth quarter. Cooper Financial Group now owns 11,905 shares of the real estate investment trust’s stock valued at $649,000 after acquiring an additional 276 shares in the last quarter. Finally, Impact Partnership Wealth LLC boosted its stake in W. P. Carey by 3.6% in the 4th quarter. Impact Partnership Wealth LLC now owns 8,299 shares of the real estate investment trust’s stock worth $452,000 after purchasing an additional 289 shares in the last quarter. 73.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a report on Thursday, February 13th. BMO Capital Markets raised W. P. Carey from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $60.00 to $67.00 in a report on Tuesday, February 18th. Scotiabank lifted their target price on W. P. Carey from $59.00 to $63.00 and gave the stock a “sector perform” rating in a report on Wednesday, March 12th. Wells Fargo & Company increased their price target on shares of W. P. Carey from $58.00 to $66.00 and gave the stock an “equal weight” rating in a report on Monday, March 10th. Finally, Barclays lifted their price objective on shares of W. P. Carey from $56.00 to $60.00 and gave the company an “underweight” rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, W. P. Carey currently has an average rating of “Hold” and an average target price of $63.75.

W. P. Carey Stock Down 0.6 %

WPC opened at $62.68 on Thursday. The company has a fifty day moving average of $60.46 and a two-hundred day moving average of $58.42. The stock has a market capitalization of $13.72 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 1.06 and a beta of 0.95. W. P. Carey Inc. has a fifty-two week low of $52.91 and a fifty-two week high of $66.10. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.98 and a current ratio of 0.98.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.89 dividend. This is a boost from W. P. Carey’s previous quarterly dividend of $0.88. The ex-dividend date is Monday, March 31st. This represents a $3.56 dividend on an annualized basis and a yield of 5.68%. W. P. Carey’s dividend payout ratio is presently 170.33%.

W. P. Carey Company Profile

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.