W. P. Carey (NYSE:WPC) Posts Earnings Results, Misses Expectations By $0.47 EPS

W. P. Carey (NYSE:WPC) released its earnings results on Tuesday. The real estate investment trust reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.47), Yahoo Finance reports. W. P. Carey had a net margin of 34.83% and a return on equity of 6.46%. The firm had revenue of $389.70 million during the quarter, compared to the consensus estimate of $381.39 million. During the same period in the prior year, the company earned $1.36 EPS. The firm’s revenue was down 13.9% compared to the same quarter last year. 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 Trading Down 0.9 %

WPC traded down $0.52 during midday trading on Thursday, reaching $57.29. 1,610,298 shares of the company’s stock traded hands, compared to its average volume of 1,305,396. The firm has a fifty day moving average of $56.77 and a two-hundred day moving average of $57.53. The stock has a market capitalization of $12.54 billion, a price-to-earnings ratio of 22.00, a P/E/G ratio of 1.13 and a beta of 0.93. 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 firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.87 per share. This represents a $3.48 dividend on an annualized basis and a yield of 6.07%. The ex-dividend date of this dividend was Friday, June 28th. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. W. P. Carey’s payout ratio is currently 132.32%.

Analyst Ratings Changes

A number of research firms have recently issued reports on WPC. Royal Bank of Canada cut their price objective on W. P. Carey from $63.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday. UBS Group increased their price target on shares of W. P. Carey from $57.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, July 18th. Scotiabank boosted their price objective on shares of W. P. Carey from $55.00 to $60.00 and gave the stock a “sector perform” rating in a report on Thursday, May 16th. 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. 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 given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus 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.