Cullen Capital Management LLC Buys Shares of 13,817 W.P. Carey Inc. $WPC

Cullen Capital Management LLC purchased a new position in W.P. Carey Inc. (NYSE:WPC) in the second quarter, Holdings Channel.com reports. The firm purchased 13,817 shares of the real estate investment trust’s stock, valued at approximately $988,000.

Several other hedge funds have also recently made changes to their positions in WPC. Jacobi Capital Management LLC raised its stake in W.P. Carey by 2.5% during the 4th quarter. Jacobi Capital Management LLC now owns 5,886 shares of the real estate investment trust’s stock valued at $379,000 after buying an additional 145 shares during the last quarter. Kestra Private Wealth Services LLC increased its position in W.P. Carey by 0.7% during the first quarter. Kestra Private Wealth Services LLC now owns 21,474 shares of the real estate investment trust’s stock valued at $1,459,000 after acquiring an additional 146 shares during the last quarter. Gen Wealth Partners Inc increased its position in W.P. Carey by 2.0% during the fourth quarter. Gen Wealth Partners Inc now owns 7,572 shares of the real estate investment trust’s stock valued at $487,000 after acquiring an additional 146 shares during the last quarter. Turning Point Benefit Group Inc. increased its position in W.P. Carey by 6.3% during the fourth quarter. Turning Point Benefit Group Inc. now owns 2,511 shares of the real estate investment trust’s stock valued at $162,000 after acquiring an additional 148 shares during the last quarter. Finally, Vanderbilt University lifted its holdings in W.P. Carey by 1.1% in the first quarter. Vanderbilt University now owns 14,968 shares of the real estate investment trust’s stock valued at $1,017,000 after acquiring an additional 162 shares during the period. 73.73% of the stock is owned by hedge funds and other institutional investors.

W.P. Carey Price Performance

Shares of W.P. Carey stock opened at $71.59 on Tuesday. W.P. Carey Inc. has a one year low of $63.08 and a one year high of $77.22. The stock’s fifty day moving average is $72.63 and its 200 day moving average is $72.57. The stock has a market cap of $16.31 billion, a P/E ratio of 24.43, a P/E/G ratio of 3.55 and a beta of 0.75. 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 business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.94 dividend. The ex-dividend date was Tuesday, June 30th. This is a positive change from W.P. Carey’s previous quarterly dividend of $0.93. This represents a $3.76 dividend on an annualized basis and a yield of 5.3%. W.P. Carey’s dividend payout ratio (DPR) is currently 128.33%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on WPC shares. Wells Fargo & Company raised their target price on W.P. Carey from $77.00 to $80.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of W.P. Carey in a research report on Friday, July 31st. UBS Group reiterated a “neutral” rating on shares of W.P. Carey in a research note on Wednesday, July 29th. Barclays raised their price objective on shares of W.P. Carey from $78.00 to $80.00 and gave the stock an “underweight” rating in a report on Wednesday, July 22nd. Finally, BMO Capital Markets cut their target price on shares of W.P. Carey from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, June 18th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price 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.