3,870 Shares in W. P. Carey Inc. (NYSE:WPC) Purchased by iA Global Asset Management Inc. (2024)

Posted by ABMN Staff on Sep 1st, 2024

iA Global Asset Management Inc. bought a new position in shares of W. P. Carey Inc. (NYSE:WPC – Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 3,870 shares of the real estate investment trust’s stock, valued at approximately $213,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WPC. Gilbert & Cook Inc. increased its position in W. P. Carey by 5.5% in the 4th quarter. Gilbert & Cook Inc. now owns 6,058 shares of the real estate investment trust’s stock valued at $393,000 after acquiring an additional 314 shares in the last quarter. Van ECK Associates Corp increased its position in W. P. Carey by 15.0% in the 4th quarter. Van ECK Associates Corp now owns 80,786 shares of the real estate investment trust’s stock valued at $5,236,000 after acquiring an additional 10,561 shares in the last quarter. New York Life Investment Management LLC acquired a new stake in W. P. Carey in the 4th quarter valued at about $234,000. Fisher Asset Management LLC increased its position in W. P. Carey by 9.1% in the 4th quarter. Fisher Asset Management LLC now owns 7,204 shares of the real estate investment trust’s stock valued at $467,000 after acquiring an additional 602 shares in the last quarter. Finally, Natixis Advisors L.P. acquired a new stake in W. P. Carey in the 4th quarter valued at about $921,000. Institutional investors and hedge funds own 73.73% of the company’s stock.

W. P. Carey Stock Up 1.3 %

W. P. Carey stock opened at $60.02 on Friday. The company’s 50 day simple moving average is $57.55 and its 200 day simple moving average is $56.82. W. P. Carey Inc. has a fifty-two week low of $51.36 and a fifty-two week high of $67.40. The firm has a market capitalization of $13.13 billion, a price-to-earnings ratio of 22.82, a PEG ratio of 1.07 and a beta of 0.92. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.93 and a quick ratio of 0.90.

W. P. Carey (NYSE:WPC – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.65 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.47). W. P. Carey had a return on equity of 6.50% and a net margin of 34.83%. The firm had revenue of $389.70 million for the quarter, compared to the consensus estimate of $381.39 million. During the same period in the previous year, the business earned $1.36 EPS. The firm’s revenue was down 13.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that W. P. Carey Inc. will post 4.53 EPS for the current year.

W. P. Carey Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $0.87 per share. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. This represents a $3.48 annualized dividend and a yield of 5.80%. The ex-dividend date was Friday, June 28th. W. P. Carey’s dividend payout ratio (DPR) is 132.32%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on WPC. Evercore ISI raised their price objective on shares of W. P. Carey from $61.00 to $63.00 and gave the company an “in-line” rating in a research report on Wednesday. JPMorgan Chase & Co. reduced their target price on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Scotiabank reduced their target price on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada reduced their target price on shares of W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Finally, UBS Group raised their target price on shares of W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $60.00.

Get Our Latest Research Report on W. P. Carey

Insiders Place Their Bets

In related news, Director Mark A. Alexander bought 3,500 shares of the company’s stock in a transaction on Friday, August 9th. The shares were purchased at an average cost of $55.87 per share, for a total transaction of $195,545.00. Following the acquisition, the director now owns 38,124 shares of the company’s stock, valued at approximately $2,129,987.88. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.08% of the company’s stock.

W. P. Carey Company Profile

(Free Report)

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.

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