W.P. Carey (NYSE:WPC) Posts Earnings Results

W.P. Carey (NYSE:WPC) posted its quarterly earnings results on Tuesday. The real estate investment trust reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.63, Zacks reports. The company had revenue of $468.30 million during the quarter, compared to analysts’ expectations of $457.57 million. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.25 EPS.

W.P. Carey Stock Down 1.3%

W.P. Carey stock opened at $63.54 on Wednesday. The company has a fifty day simple moving average of $67.02 and a 200-day simple moving average of $70.85. W.P. Carey has a 12-month low of $62.24 and a 12-month high of $77.22.

W.P. Carey Increases Dividend

The company also recently disclosed 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 is an increase from W.P. Carey’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $3.80 annualized dividend and a dividend yield of 6.0%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on WPC shares. Weiss Ratings lowered shares of W.P. Carey from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, October 21st. Benchmark began coverage on W.P. Carey in a research report on Tuesday, September 22nd. They issued a “buy” rating for the company. Wells Fargo & Company cut their target price on W.P. Carey from $80.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Royal Bank Of Canada raised their target price on W.P. Carey from $73.00 to $77.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 30th. Finally, Citigroup restated a “market perform” rating on shares of W.P. Carey in a research report on Friday, September 25th. Nine equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.36.

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.