W. P. Carey (NYSE:WPC) Price Target Lowered to $59.00 at Scotiabank

W. P. Carey (NYSE:WPC) had its price target lowered by equities research analysts at Scotiabank from $60.00 to $59.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank’s price objective would suggest a potential upside of 6.74% from the stock’s current price.

Several other brokerages have also issued reports on WPC. Barclays restated an “underweight” rating and set a $59.00 price target (up previously from $56.00) on shares of W. P. Carey in a research note on Tuesday, December 17th. Wells Fargo & Company reissued an “equal weight” rating and issued a $63.00 target price (up from $62.00) on shares of W. P. Carey in a research report on Tuesday, October 1st. UBS Group dropped their price target on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. Finally, JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $62.43.

W. P. Carey Stock Performance

WPC stock traded up $1.01 during midday trading on Thursday, hitting $55.28. The company’s stock had a trading volume of 325,236 shares, compared to its average volume of 1,094,155. The stock has a market cap of $12.10 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 0.97 and a beta of 0.97. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.90. The stock’s 50-day moving average price is $55.53 and its 200 day moving average price is $57.81. W. P. Carey has a 1 year low of $52.91 and a 1 year high of $66.99.

W. P. Carey (NYSE:WPC) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.62). W. P. Carey had a return on equity of 6.45% and a net margin of 35.12%. The company had revenue of $394.78 million during the quarter, compared to analysts’ expectations of $377.43 million. During the same period last year, the firm posted $1.32 earnings per share. W. P. Carey’s quarterly revenue was down 11.9% compared to the same quarter last year. On average, equities analysts forecast that W. P. Carey will post 4.5 EPS for the current year.

Institutional Investors Weigh In On W. P. Carey

Institutional investors and hedge funds have recently made changes to their positions in the business. Equity Investment Corp increased its stake in W. P. Carey by 0.7% in the 3rd quarter. Equity Investment Corp now owns 1,481,627 shares of the real estate investment trust’s stock worth $92,305,000 after acquiring an additional 9,610 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of W. P. Carey by 41.9% during the third quarter. SG Americas Securities LLC now owns 156,373 shares of the real estate investment trust’s stock worth $9,742,000 after purchasing an additional 46,181 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of W. P. Carey by 69.5% in the second quarter. EverSource Wealth Advisors LLC now owns 22,819 shares of the real estate investment trust’s stock worth $1,319,000 after purchasing an additional 9,353 shares during the last quarter. Stoneridge Investment Partners LLC purchased a new stake in W. P. Carey in the third quarter valued at approximately $1,692,000. Finally, abrdn plc lifted its position in W. P. Carey by 9.9% during the third quarter. abrdn plc now owns 102,657 shares of the real estate investment trust’s stock valued at $6,396,000 after purchasing an additional 9,229 shares during the last quarter. Hedge funds and other institutional investors own 73.73% of the company’s stock.

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.