Laraway Financial Advisors Inc Makes New Investment in W.P. Carey Inc. $WPC

Laraway Financial Advisors Inc acquired a new stake in W.P. Carey Inc. (NYSE:WPC) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,251 shares of the real estate investment trust’s stock, valued at approximately $661,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. grew its holdings in shares of W.P. Carey by 1.6% during the second quarter. Invesco Ltd. now owns 753,196 shares of the real estate investment trust’s stock worth $46,984,000 after buying an additional 11,635 shares during the last quarter. Cary Street Partners Financial LLC purchased a new stake in W.P. Carey during the 2nd quarter valued at approximately $115,000. Bank of Nova Scotia lifted its position in W.P. Carey by 7.3% during the 2nd quarter. Bank of Nova Scotia now owns 8,164 shares of the real estate investment trust’s stock worth $509,000 after acquiring an additional 555 shares during the period. Qube Research & Technologies Ltd acquired a new stake in W.P. Carey during the 2nd quarter worth approximately $3,494,000. Finally, Sei Investments Co. grew its stake in shares of W.P. Carey by 73.0% in the 2nd quarter. Sei Investments Co. now owns 96,983 shares of the real estate investment trust’s stock valued at $6,050,000 after purchasing an additional 40,908 shares during the last quarter. 73.73% of the stock is owned by hedge funds and other institutional investors.

W.P. Carey Price Performance

Shares of NYSE:WPC opened at $71.66 on Friday. The company has a quick ratio of 0.22, a current ratio of 0.22 and a debt-to-equity ratio of 1.01. The company has a market cap of $16.32 billion, a P/E ratio of 24.46, a PEG ratio of 3.56 and a beta of 0.75. W.P. Carey Inc. has a 52 week low of $63.08 and a 52 week high of $77.22. The company has a 50-day moving average price of $73.10 and a 200 day moving average price of $72.43.

W.P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.94 per share. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.93. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $3.76 dividend on an annualized basis and a dividend yield of 5.2%. W.P. Carey’s dividend payout ratio (DPR) is currently 128.33%.

Analyst Ratings Changes

A number of research firms have recently issued reports on WPC. Barclays boosted their target price on W.P. Carey from $78.00 to $80.00 and gave the company an “underweight” rating in a report on Wednesday, July 22nd. UBS Group reaffirmed a “neutral” rating on shares of W.P. Carey in a report on Wednesday, July 29th. Evercore set a $77.00 price objective on shares of W.P. Carey in a research report on Thursday, July 30th. Wolfe Research raised shares of W.P. Carey from a “peer perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a research note on Monday, June 8th. Finally, BNP Paribas Exane raised shares of W.P. Carey from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $73.00 to $88.00 in a research note on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, W.P. Carey currently has an average rating of “Hold” and a consensus target price of $79.38.

W.P. Carey Profile

W. P. Carey Inc is a diversified net-lease real estate investment trust specializing in single-tenant commercial properties. The company structures sale-leaseback and build-to-suit transactions to provide long-term net lease financing across a variety of asset classes, including industrial facilities, office buildings, retail centers and self-storage facilities. By employing triple net leases, W. P. Carey transfers property operating expenses, taxes and maintenance responsibility to tenants, creating a stable, predictable income stream for investors.

Founded in 1973 by William Polk Carey, the firm has expanded organically and through strategic mergers and acquisitions.