W. P. Carey Inc. (NYSE:WPC) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc cut its position in W. P. Carey Inc. (NYSE:WPC) by 12.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,650 shares of the real estate investment trust’s stock after selling 1,400 shares during the period. Pinnacle Financial Partners Inc’s holdings in W. P. Carey were worth $526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Maia Wealth LLC acquired a new position in W. P. Carey during the third quarter worth $40,000. Abich Financial Wealth Management LLC boosted its stake in W. P. Carey by 2,374.1% during the third quarter. Abich Financial Wealth Management LLC now owns 668 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 641 shares during the last quarter. Wingate Wealth Advisors Inc. acquired a new position in W. P. Carey during the fourth quarter worth $37,000. Fortitude Family Office LLC boosted its stake in W. P. Carey by 962.5% during the third quarter. Fortitude Family Office LLC now owns 680 shares of the real estate investment trust’s stock worth $42,000 after buying an additional 616 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC acquired a new position in W. P. Carey during the third quarter worth $44,000. 73.73% of the stock is owned by institutional investors and hedge funds.

W. P. Carey Price Performance

WPC stock opened at $61.68 on Monday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $13.50 billion, a PE ratio of 29.51, a P/E/G ratio of 1.06 and a beta of 0.97. W. P. Carey Inc. has a 12-month low of $52.91 and a 12-month high of $64.26. The business’s fifty day moving average price is $55.87 and its 200 day moving average price is $57.70.

W. P. Carey Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 5.71%. The ex-dividend date of this dividend was Tuesday, December 31st. This is an increase from W. P. Carey’s previous quarterly dividend of $0.88. W. P. Carey’s payout ratio is currently 168.42%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WPC. Evercore ISI boosted their price objective on W. P. Carey from $60.00 to $64.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 19th. Barclays lowered their price objective on W. P. Carey from $59.00 to $56.00 and set an “underweight” rating on the stock in a research note on Tuesday, February 4th. Scotiabank decreased their price target on W. P. Carey from $60.00 to $59.00 and set a “sector perform” rating on the stock in a research note on Thursday, January 16th. BMO Capital Markets raised W. P. Carey from a “market perform” rating to an “outperform” rating and upped their price target for the company from $60.00 to $67.00 in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada upped their price target on W. P. Carey from $61.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, W. P. Carey presently has a consensus rating of “Hold” and a consensus target price of $62.38.

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.