Wells Fargo & Company Boosts W. P. Carey (NYSE:WPC) Price Target to $62.00

W. P. Carey (NYSE:WPC) had its price objective hoisted by Wells Fargo & Company from $60.00 to $62.00 in a report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the real estate investment trust’s stock.

WPC has been the topic of a number of other research reports. JMP Securities reaffirmed a market perform rating on shares of W. P. Carey in a research report on Friday, June 21st. Scotiabank cut 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 report on Wednesday, August 7th. JPMorgan Chase & Co. lowered their price objective on 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 upped their target price on W. P. Carey from $57.00 to $63.00 and gave the company a neutral rating in a research report on Thursday, July 18th. Finally, Royal Bank of Canada lowered their price target on W. P. Carey from $63.00 to $62.00 and set an outperform rating for the company in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $60.82.

W. P. Carey Stock Performance

Shares of WPC stock opened at $59.70 on Monday. The firm has a market cap of $13.06 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 1.07 and a beta of 0.92. W. P. Carey has a 52-week low of $51.36 and a 52-week high of $67.40. The company has a quick ratio of 0.90, a current ratio of 1.93 and a debt-to-equity ratio of 0.94. The company’s 50 day moving average is $57.39 and its 200 day moving average is $56.78.

W. P. Carey (NYSE:WPC) last released its quarterly earnings results on Tuesday, July 30th. The real estate investment trust reported $0.65 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $381.39 million. During the same period in the previous year, the firm posted $1.36 earnings per share. The company’s revenue was down 13.9% on a year-over-year basis. On average, sell-side analysts anticipate that W. P. Carey will post 4.53 EPS for the current fiscal year.

W. P. Carey Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.87 dividend. This represents a $3.48 annualized dividend and a yield of 5.83%. This is a positive change 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 is presently 132.32%.

Insider Buying and Selling at W. P. Carey

In related news, Director Mark A. Alexander bought 3,500 shares of the stock in a transaction dated Friday, August 9th. The shares were purchased at an average price of $55.87 per share, for a total transaction of $195,545.00. Following the completion of the purchase, the director now directly owns 38,124 shares of the company’s stock, valued at $2,129,987.88. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.08% of the company’s stock.

Institutional Investors Weigh In On W. P. Carey

Several hedge funds have recently bought and sold shares of the stock. KPP Advisory Services LLC acquired a new position in shares of W. P. Carey in the second quarter worth about $222,000. Cetera Investment Advisers increased its stake in shares of W. P. Carey by 0.5% in the 2nd quarter. Cetera Investment Advisers now owns 362,206 shares of the real estate investment trust’s stock valued at $19,939,000 after purchasing an additional 1,870 shares in the last quarter. Granite Bay Wealth Management LLC acquired a new position in W. P. Carey in the 2nd quarter worth about $1,976,000. Point72 Asset Management L.P. purchased a new position in W. P. Carey during the second quarter worth approximately $1,527,000. Finally, Quarry LP grew its holdings in W. P. Carey by 175.9% in the second quarter. Quarry LP now owns 560 shares of the real estate investment trust’s stock valued at $31,000 after purchasing an additional 357 shares during the period. Hedge funds and other institutional investors own 73.73% of the company’s stock.

About W. P. Carey

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.