CANADA LIFE ASSURANCE Co Buys 9,324 Shares of W. P. Carey Inc. (NYSE:WPC)

CANADA LIFE ASSURANCE Co raised its stake in shares of W. P. Carey Inc. (NYSE:WPC) by 2.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 456,149 shares of the real estate investment trust’s stock after buying an additional 9,324 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.21% of W. P. Carey worth $25,749,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cohen & Steers Inc. grew its holdings in W. P. Carey by 91.9% during the fourth quarter. Cohen & Steers Inc. now owns 11,290,841 shares of the real estate investment trust’s stock valued at $731,800,000 after purchasing an additional 5,407,289 shares during the period. Norges Bank bought a new stake in shares of W. P. Carey in the 4th quarter valued at $157,107,000. Daiwa Securities Group Inc. raised its stake in W. P. Carey by 44.7% during the 4th quarter. Daiwa Securities Group Inc. now owns 3,640,966 shares of the real estate investment trust’s stock worth $235,971,000 after buying an additional 1,124,010 shares during the period. Equity Investment Corp bought a new position in W. P. Carey during the first quarter worth about $59,802,000. Finally, Principal Financial Group Inc. increased its holdings in shares of W. P. Carey by 4,716.5% in the fourth quarter. Principal Financial Group Inc. now owns 802,426 shares of the real estate investment trust’s stock worth $52,005,000 after acquiring an additional 785,766 shares in the last quarter. 73.73% of the stock is owned by institutional investors.

W. P. Carey Stock Up 1.2 %

WPC stock opened at $59.22 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.87. The business’s 50 day simple moving average is $56.76 and its 200 day simple moving average is $57.79. W. P. Carey Inc. has a 1-year low of $51.36 and a 1-year high of $73.38. The firm has a market capitalization of $12.96 billion, a PE ratio of 22.52, a PEG ratio of 1.09 and a beta of 0.93.

W. P. Carey Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $0.87 per share. The ex-dividend date was Friday, June 28th. 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 5.88%. W. P. Carey’s dividend payout ratio (DPR) is 132.32%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. UBS Group lifted their price objective on W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a report on Thursday, July 18th. Royal Bank of Canada cut their price target on W. P. Carey from $65.00 to $63.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. JPMorgan Chase & Co. dropped their target price on W. P. Carey from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. JMP Securities reaffirmed a “market perform” rating on shares of W. P. Carey in a research note on Friday, June 21st. Finally, Scotiabank lifted their price objective on shares of W. P. Carey from $55.00 to $60.00 and gave the company a “sector perform” rating in a report on Thursday, May 16th. One analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, W. P. Carey has a consensus rating of “Hold” and a consensus price target of $61.00.

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.