Cornerstone Wealth Management LLC Acquires 3,417 Shares of W. P. Carey Inc. (NYSE:WPC)

Cornerstone Wealth Management LLC grew its stake in W. P. Carey Inc. (NYSE:WPC) by 18.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,947 shares of the real estate investment trust’s stock after purchasing an additional 3,417 shares during the period. Cornerstone Wealth Management LLC’s holdings in W. P. Carey were worth $1,208,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of WPC. Cohen & Steers Inc. raised its stake 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 worth $731,800,000 after acquiring an additional 5,407,289 shares in the last quarter. Norges Bank acquired a new position in W. P. Carey in the fourth quarter valued at about $157,107,000. Daiwa Securities Group Inc. grew its stake in W. P. Carey by 44.7% during the fourth 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 last quarter. Equity Investment Corp acquired a new stake in shares of W. P. Carey during the first quarter worth approximately $59,802,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of W. P. Carey by 4,716.5% in the 4th 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 and hedge funds.

Analyst Ratings Changes

WPC has been the subject of several research analyst reports. JMP Securities reiterated a “market perform” rating on shares of W. P. Carey in a research report on Friday, June 21st. Scotiabank reduced their price target on shares of W. P. Carey from $61.00 to $60.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price objective on shares of W. P. Carey from $70.00 to $68.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. UBS Group boosted their target price on shares of 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, Wells Fargo & Company decreased their price target on shares of W. P. Carey from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 30th. One equities research 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 MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $60.91.

W. P. Carey Trading Up 0.5 %

WPC traded up $0.29 during trading on Thursday, reaching $57.17. 262,608 shares of the company’s stock were exchanged, compared to its average volume of 1,293,350. The company’s fifty day moving average price is $56.80 and its 200-day moving average price is $56.94. The firm has a market capitalization of $12.51 billion, a PE ratio of 21.63, a P/E/G ratio of 1.07 and a beta of 0.92. W. P. Carey Inc. has a fifty-two week low of $51.36 and a fifty-two week high of $67.40. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.90 and a current ratio of 1.93.

W. P. Carey (NYSE:WPC) last announced its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $0.65 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $389.70 million for the quarter, compared to analyst estimates of $381.39 million. During the same period last year, the firm earned $1.36 earnings per share. The firm’s revenue for the quarter was down 13.9% on a year-over-year basis. As a group, equities analysts forecast that W. P. Carey Inc. will post 4.53 EPS for the current year.

W. P. Carey Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a dividend yield of 6.09%. This is an increase from W. P. Carey’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Friday, June 28th. W. P. Carey’s dividend payout ratio (DPR) is currently 132.32%.

Insider Buying and Selling

In other news, Director Mark A. Alexander bought 3,500 shares of the stock in a transaction on Friday, August 9th. The stock was purchased at an average price of $55.87 per share, with a total value of $195,545.00. Following the completion of the purchase, the director now owns 38,124 shares of the company’s stock, valued at $2,129,987.88. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.08% of the stock is owned by insiders.

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.