W. P. Carey (NYSE:WPC) Announces Quarterly Earnings Results

W. P. Carey (NYSE:WPC) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.65 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.47), Yahoo Finance reports. W. P. Carey had a return on equity of 6.46% and a net margin of 34.83%. The firm had revenue of $389.70 million during the quarter, compared to analysts’ expectations of $381.39 million. During the same period in the previous year, the company earned $1.36 earnings per share. W. P. Carey’s revenue for the quarter was down 13.9% on a year-over-year basis. W. P. Carey updated its FY24 guidance to $4.63-4.73 EPS and its FY 2024 guidance to 4.630-4.730 EPS.

W. P. Carey Stock Performance

Shares of WPC traded down $0.54 during mid-day trading on Thursday, reaching $57.27. 1,610,414 shares of the company’s stock were exchanged, compared to its average volume of 1,305,396. The stock has a market capitalization of $12.53 billion, a PE ratio of 22.00, a price-to-earnings-growth ratio of 1.13 and a beta of 0.93. The business’s fifty day simple moving average is $56.77 and its 200-day simple moving average is $57.53. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.90 and a quick ratio of 0.90. W. P. Carey has a 52-week low of $51.36 and a 52-week high of $67.75.

W. P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.87 dividend. This is a boost from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, June 28th. This represents a $3.48 annualized dividend and a yield of 6.08%. W. P. Carey’s dividend payout ratio (DPR) is 132.32%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WPC. 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. Royal Bank of Canada dropped their price target on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday. 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 report on Friday, July 12th. UBS Group boosted their price target on W. P. Carey from $57.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, July 18th. Finally, JMP Securities reiterated a “market perform” rating on shares of W. P. Carey in a research report on Friday, June 21st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $60.91.

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.