Perigon Wealth Management LLC Acquires Shares of 10,710 W.P. Carey Inc. $WPC

Perigon Wealth Management LLC acquired a new stake in shares of W.P. Carey Inc. (NYSE:WPC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 10,710 shares of the real estate investment trust’s stock, valued at approximately $766,000.

Other institutional investors have also made changes to their positions in the company. Invesco Ltd. grew its holdings in W.P. Carey by 416.8% during the 3rd quarter. Invesco Ltd. now owns 3,892,462 shares of the real estate investment trust’s stock valued at $263,014,000 after purchasing an additional 3,139,266 shares in the last quarter. Norges Bank acquired a new position in W.P. Carey in the 4th quarter worth $184,035,000. Bank of New York Mellon Corp acquired a new position in W.P. Carey in the 2nd quarter worth $164,853,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in W.P. Carey by 31,629.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,163,285 shares of the real estate investment trust’s stock valued at $139,229,000 after buying an additional 2,156,467 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of W.P. Carey by 1,183.6% during the third quarter. Wellington Management Group LLP now owns 1,130,402 shares of the real estate investment trust’s stock valued at $76,381,000 after acquiring an additional 1,042,334 shares in the last quarter. 73.73% of the stock is owned by institutional investors and hedge funds.

W.P. Carey Stock Down 0.6%

NYSE:WPC opened at $71.09 on Wednesday. The company has a market capitalization of $16.20 billion, a price-to-earnings ratio of 24.26, a price-to-earnings-growth ratio of 3.57 and a beta of 0.75. W.P. Carey Inc. has a one year low of $63.08 and a one year high of $77.22. The stock has a 50-day simple moving average of $72.97 and a 200 day simple moving average of $72.50. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.22 and a current ratio of 0.22.

W.P. Carey Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a dividend yield of 5.3%. The ex-dividend date was Tuesday, June 30th. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.93. W.P. Carey’s payout ratio is 128.33%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Royal Bank Of Canada lifted their target price on W.P. Carey from $73.00 to $77.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 30th. UBS Group reissued a “neutral” rating on shares of W.P. Carey in a report on Wednesday, July 29th. Barclays raised their price objective on W.P. Carey from $78.00 to $80.00 and gave the company an “underweight” rating in a research note on Wednesday, July 22nd. Wolfe Research upgraded W.P. Carey from a “peer perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a report on Monday, June 8th. Finally, Scotiabank upped their target price on W.P. Carey from $76.00 to $77.00 and gave the company a “sector perform” rating in a research report on Thursday, August 13th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $79.38.

W.P. Carey Company 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.