AGF Management Ltd. Trims Stake in W. P. Carey Inc. (NYSE:WPC)

AGF Management Ltd. cut its holdings in shares of W. P. Carey Inc. (NYSE:WPC) by 12.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,204 shares of the real estate investment trust’s stock after selling 6,616 shares during the quarter. AGF Management Ltd.’s holdings in W. P. Carey were worth $2,463,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its stake in W. P. Carey by 2.9% during the third quarter. Geode Capital Management LLC now owns 4,573,938 shares of the real estate investment trust’s stock worth $284,426,000 after buying an additional 127,477 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of W. P. Carey by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,641,815 shares of the real estate investment trust’s stock worth $143,926,000 after purchasing an additional 43,197 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in W. P. Carey by 660.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,054,080 shares of the real estate investment trust’s stock valued at $127,969,000 after purchasing an additional 1,784,131 shares during the last quarter. Equity Investment Corp increased its holdings in W. P. Carey by 26.3% in the 4th quarter. Equity Investment Corp now owns 1,870,734 shares of the real estate investment trust’s stock valued at $101,918,000 after purchasing an additional 389,107 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in W. P. Carey by 21.1% in the third quarter. JPMorgan Chase & Co. now owns 1,514,049 shares of the real estate investment trust’s stock valued at $94,325,000 after purchasing an additional 264,230 shares during the period. 73.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on WPC shares. UBS Group dropped their price objective on W. P. Carey from $62.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Royal Bank of Canada boosted their price target on shares of W. P. Carey from $61.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. JMP Securities reissued a “market perform” rating on shares of W. P. Carey in a research report on Thursday, February 13th. BMO Capital Markets upgraded shares of W. P. Carey from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $60.00 to $67.00 in a report on Tuesday, February 18th. Finally, Evercore ISI increased their target price on shares of W. P. Carey from $60.00 to $64.00 and gave the stock an “in-line” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, W. P. Carey currently has a consensus rating of “Hold” and a consensus target price of $63.75.

W. P. Carey Trading Down 0.5 %

NYSE WPC opened at $61.60 on Friday. W. P. Carey Inc. has a 52 week low of $52.91 and a 52 week high of $66.10. The firm has a 50 day moving average of $58.27 and a two-hundred day moving average of $58.28. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $13.48 billion, a PE ratio of 29.47, a price-to-earnings-growth ratio of 1.06 and a beta of 0.95.

W. P. Carey Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $0.89 dividend. This represents a $3.56 annualized dividend and a yield of 5.78%. This is a positive change from W. P. Carey’s previous quarterly dividend of $0.88. W. P. Carey’s dividend payout ratio is 168.42%.

W. P. Carey 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.